Financial Times , 1982, UK, English

FINANCLALTIME

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PUBLISHED IN LONDON AND FRANKFURT-

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for property management

Telephone for intormatlon

London 529 81 51: Manchester 228 6752 ■

QUARTZ

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16898151 :Mmch€M«fa6'67S2 J y No. .28,829 Tuesday July 20 1982 ***30p <§§* ^7 =

COWriWEWTAL BRUNS PRtCES: AUSTRIA -Sch. 15;. BELGIUM Fr3S; DENMARK KrS.SO; FRANCE FrS.OO; GERMANY DM2.0; ITALY L1 t «»; NETHERLANDS F12JS; NORWAY KrBXO; PORTUGAL &c 50: SPAIN Pta 85; SWEDEN Kr 6.00: SWITZERLAND Fr2.0. EIRE »p: MALTA 30c

NEWS SUMMARY

BUSINESS

Legislation to sell 51%

GENERAL BUSINESS • A • | f-^n 1

Queen’s Gilts and of British Telecom

police equities planned for November

chief stronger;

Chrysler | Two U.S. banks

resigns

The Queen's policeman Com*
mander Michael Trestrail, 50,
has resigned after admitting a
homosexual relationship with a
male prostitute.

Yesterday, there were 'ques-
tions as to why Home Secretary
William Whitelaw was not told
about Mr Trestrail’s resignation
for 48 110015.

Mr Whitelaw said Com-
mander T rest rail resigned on
Saturday morning but that he
was not told until 9.15 am
yesterday.

Mr Whitelaw was said to be
*' very shocked ” by the dis-
closure and Toiy MPs were
last night wondering how riiuoh
longer he would remain Home
Secretary. Trestrail was vetted.
Page 10

Fagan move

Michael Fagan, 30, will not be
prosecuted over the incident in :
which he is said to have entered .
tiie Queen's bedroom. Bow-
Street court heard. -Be was
remanded in custody, though,
for other alleged offences.

Rail pay

British Rail is likely to call on
the forthcoming arbitration
tribunal on railway pay to make
no wage - award until workers
agree to productivity increases
in a ballot. Back Page -

Basra battle

Iraqi resistance appears to have
halted Iran’s six-day -oki inva-
sion- although heavy fighting is
reported north-east of Basra.
Back Page

I ran attack. :■

Tran attacked H UN emu mi tie e°
reviewing its r buuum rights
record, saying human rights are
a myth and 'declaring.. as insig-
nificant the number of execu-
tions since the Islamic .
revolution. _ '

Troops to stay .

Angola said Cuban troops will
remain in the country until, it -
receives guarantees there will
be no South African raids on
its territory, after, the .inde-
pendence of Namibia. Page 4,
Editorial comment. Page 16

Fencer injured

Former world fencing champion
Vladimir Smirnov was- in a
coma after suffering an eye
injury in the World -Fencing
Championships, in Rome.

Politician freed

Leading Pakistani politician Dr
Ghulam Hussein was freed
after being held by immigra-
tion officials for four days after
arriving in Britain, using a
Swedish passport.

Ferry halted

The Liverpool-Belfart ferry will
he halted until Friday. • The
imly ship on the route has
engine trouble. ;

Boys rescued

Police constable Don Tomkin-
>qd climbed down the face of a
Toxtelh tower block to rescue
two hoys trapped on a 10th
floor ledge.

England win

England 295—8 . (55 overs,
innings closed) beat Pakistan
222 all out (49.5 overs) Jn the
second Onc-day Test, at Old
Trafford.'

Briefly - - -

Polish, East German and boviet
troops started manoeuvres in
East Germany.

Ten children were killed and
3D injured when awnings on a
school at Trichur. southern
India, collapsed.

Decision on the Pope's possible
visit to Poland is expected in
a few days. Page 3

£ rises

• GILTS benefited from pres-
sure for cheaper credit at home
and in the U.S. Shorts rose a
point, selected high-coupon
longs gained up to 11.. FT
Government Securities index
rose 0.79 to 71.98, Us highest
since July 28, 1980. Page 27.

• EQUITIES were over-
shadowed by gilts, but moved
ahead strongly aided by the
rail dis?uTe~ settlement and the

30-SHARE
k INDEX

AS-tmtiigh
IT -I

PU HT-AOMriB

w ALL-SHARE

*' “W-

CKiEF PRICE CHANGES YESTERDAY

(Prices In pence unless otherwise
RISES

Treasury 121 % ' + 1

Exchequer 15% 1997 £1 14J + 15

AB Electronic 240 +- 13

Alexanders Discount 250 4 12
Amersham Inti 243 + 11

Rtnr. .too + 12

Rarrail Develnpmnts 278 + S

Beech am 2B9 + 9

fiulmor (H. P.) 515xd+ 42

Fnbcl lull 30 + 41

r.US A - 491 + 13

r.KN 148 + 5

Hall (M.i 240 + 9

Hambro Life 259 + 8

HuuMng. Gibson 110 +S

Huntley and Palmer 97 + 6

I a 320 + s

Long and Hamhly ... Si + 4

Mixconerete-'. 1S2 + 5

N cretin eh* m Manuftg ISO + .12

indicated)

Baca! Elect

Kolfe and Nolan

Rothmans Inti

lloy.il Insurance

Scan Data

Siebe Gorman

Tl — ■

Tosco

Thorn EMI -

York Mount

Eglington Oil & Gas
Anglo American Corp

Bougainville

Durban Deep

East Rand Props ...

Gold Fields SA

M1M HldgS ;

South African Land

UC Invests

FALL

480 + 15
110 + 12
96 + 4
362+15
125 + 15
190 + 8
104. + 4i
75 + 4
422. + 17
59 + 4
115 + 15
518 + 26
73 + 6
800+80
370 •+■ 50

£281+ H
J6S + 12
164 + IS
470 + 48

286-10

BY GUY DE JONQU1ERES

THE Government announced
plans yesterday . to introduce
legislation in November enabl-
ing it to sell up to 51 per cent
of British Telecom (BT) to pri-
vate investors. But it has firmly
ruled out a share sale before
the next general election.

Mr Patrick Jenltin, Industry
Secretary, told the Commons
the proposals would free BT
from .-“the web of government
interference and controls’' and
allow it wide scope to compete
on a commercial basis an the
telecommunications market

Once 51 per cent of the
shares had been sold, BT would
be outside the public sector
borrowing requirement and the
government's external financing
limits. It. would be free to seek
financing for its investment
programme from the market,
instead of borrowing from the
Exchequer or through higher
tariffs.

This could eventually mean a
reduction of between 3 and 5
per cent in otherwise likely
tariff increases. BT, which plans

to invest about £22bn this year,
finances SO per cent of invest-
ment from its own revenues.

The Governments announce-
ment was strongly criticised by
the Labour Party and the Post
Office Engineering Union. Mr
Stan Orme, Labour’s industry
spokesman, said the party
intended to make the planned
sale of shares an issue at the
next general election.

The statement was received
cooly by BTs board, which
said it had not been consulted.
It said many complex questions
had still to be resolved and
warned that the changes should
not place an excessive . burden
on its operations.

Mr JenMn expected the legis-
lation to be on the statute book
in about a year. But he excluded
a sale of shares during this par-
liament because it would be
•* coloured ” by the approach of
the next election, which must
be held by May 1984.

He would not say bow much
he expected to be raised by a
sale of shares, which could take

place In one or more tranches.
But ministers are understood to
be thinking in terms of £2.5hn
1o £3bn for the full 51 per cent
interest.

The Government’s proposals
are set out in a White Paper.
They also include the following
provisions.

• The creation of an Office of
Telecommunications, to be
modelled on the Office of Fair
Trading, which would ensure
fair competition and prices. The
office, which would be account-
able to the industry secretary,
would start operating soon after
the new legislation came into
effect next year.

• Turning BT into a public
limited company in preparation
for the sale of shares.

• The granting to BT of an
operating licence,' the terms of
which are still to be negotiated.
The licence, which would be

Continued on Back Page

Details. Page 10
Editorial Comment, Page 16
Lex, Back Page

early tone of Wall Street. FT 30
Share Index rose 12.9 to 569.6.
FI-Actuaries all-share Index
was up 1.6 per cent at 331.42.
Page 27

• STERLING gained: L5e to
$1.7375. -it also rose to DM 429
(DM 437), SwFr 3.65
(SwFr 3.625) and FFr 1L9125
(FFr 1L855). Trade weighted
Index was 9 1.4 (90.8). Page 28

• DOLLAR weakened on news
of a rise in US. money supply.

. It fell to DM 2.4685 (DM 2.4775)
and SwFr 2.099 (SwFr 2.1025)
but was firmer at Y254.25
■ <Y254). . Trade weighted Index
’ was 120^(121). Pag e 28 •"

• GOLD rose $2.5 to $347.5 in
London.- .. In. New York; the
Comes July dose was $345.1

• ($349J)). Page 22

• TIN cash price fell £225 to

£6,405 a ion ne in London.
Page 22 •

• .WALL STREET was down
2.19 at 826.48 near the dose.!
Page 26

• CHANCELLOR Helmut
Schmidt of West Germany and
Italian Foreign Minister Sig
Emilio * Colombo - visited
separately U.S. Secretary of
State Mr George Shultz to try ,
to defuse arguments between
the U.S. and Europe. Back Page j

• UK GOVERNMENT might \
instruct all companies to ignore
U.S. restrictions on equipment
for the Siberian gas pipeline.
Page 10 ’■

• LEASING of plant and equip-
ment is still rising, against the
economic trend. Page 8

• RETAIL trade rose in June,
but probably because of earlier
summer sales rather than a |
spending boom. Page 8 .

• FRANCE should launch a
-three-year FFr lbn (£83.95m)

investment programme in bio-
technology, said a . commission
of experts set up by the govera-
menL-Page 24

• YUGOSLAV authorities have
provided- £2S0tn this year to
help hanks meet their foreign
obligations. Page 3

• ALEXANDERS DISCOUNT,
discount house concern, lifled
interim dividend from 5.5p to
6.5p net per £1 share on in-
creased profits. Page 18; Lex.
Back Page.

• CROWN HOUSE, diversified
croup . pre-tax profits rose 22.5
per cent to £2.56m in the year
to end March. Page 19

• ALCOA has postponed com-
pletion of an aluminium smelter
in Australia. Page 25

• BURROUGHS. UJJ. computer
manufacturer, lifted first-half
earnings from J53.6m (£30.85m)
to $63.6 b). Page 23

‘Widespread support’ for
health workers’ action

BY IVO DAWN AY. LABOUR STAFF

HEALTH SERVICE workers
yesterday . began a three-day
campaign of “ intensified indus-
trial action 7 with strikes,
picketing and demonstrations
across the country in support
of their 12 per cent pay claim.

However, many NHS em-
ployees are growing in^reas-.-
ingly sceptical bis*. the likeli-
hood of any rapid change of
i heart from the Goyenment and
an improvement on the offer of
7.5 per cent for nurses and 6
per cent for most other health
workers in the wake of the col-
lapse of the train drivers’ strike.

The Commons will hold an
emergency debate on the dis-
pute today.

In spite of the gloom, officials
of the 11 unions involved in the
dispute claimed last night that
the strike call had received
widespread backing.

Many hospitals had shut all
but accident and emergency
services while others had been
hit hy slaff walkouts in sterili-
sation and laundry depart-
ments.

The National Union of Public
Employees also reported a high
level of sympathetic action by
workers outside the NHS.

In Yorkshire, 7,000 mine-
workers at six pits backed the
protest with . a 24-hour stop-
page. Several hundred con-
struction workers stopped work
at the Drax power station in

South Yorkshire and at the
Isle of Grain power station site
in Kent

Backing was also reported
from local government em-
ployees in Scotland and Wales.
In the West Midlands. Nupe
officials claimed that firemen
reduced. .covgr to .emergencies
only.

Nupe officials said that many
local coordinating committees
would be stepping up rolling
programmes of industrial action
to end with all-out stoppages
-tomorrow, the final day erf the
campaign.

However. Mr Norman Fowler,
Social Services Secretary, said
in a statement last night initial
reports indicated hospitals had
“ coped much better than might'
have been expected.

“Medical staff, the- vast
majority of nurses and many
thousands of other hospital
workers have continued to care
for patients. I pay tribute to
their work.”

Mr Fowler went on to appeal
to NHS employees to give up
their industrial action and
negotiate on the £400m that had
been made available for wages.

" It is time that this shameful
strike was called off," he said. •

The Department of Health and
Social Services claimed last
night that several hospitals had
been left without emergency

Continued on Back Page

. tut

w.- •• -

. TV ’ : Sla|t

Trevor Humphries

Before the health service
nnioTi's protest march on
County Hail, London, A
policeman talks to a nurse
whose placard asks if the
TUC will “ betray ” the NHS

UK may seek steel pact with U.S,

8Y PAUL CHEESER1GHT. WORLD TRADE EDITOR ‘

BRITAIN is seriously consider-
ing breaking ranks with its
European partners by attempt-
ing in negotiate a bilalerial
steel quota agreement with the
U.S.

Negotiators could be sent to
Washington later this week.

' Their aim would be to ensure
that British Steel Corporation
maintains a place on the U.S.
market. Since last month some
of its products have faced a 40
per: cent duty which has effec-
tively barred them from the
market

Last year, of total British

Steel deliveries amounting to

10.7m tonnes., about 400.000
tonnes worth over £20Qm went
to the U.S.

The U.S. Government imposed
preliminary countervailing

duties on products from British.
French, IlaPan and Belgian
steel suppliers, following
charges by U.S. steel companies
that European sales on the
American market were illegally
subsidised.

Since then the EEC Commis-
sion has worked hard to try to
negotiate with the Reagan
Administration a quota,
agreement covering steel sales
into the U.S. by all EEC pro-
ducers which would allow the
duties to be dropped.

There is increasing posesi-
mism, however, about the
possibilities of reaching such an
agreement. Since last year tallw
have failed tn define a market
share in the U-S. for European
suppliers acceptable to both the
U.S. steel companies and the

__ CONTENTS

European producers.

The British decision on
whether to act alone will he
made after today's EEC Council
of Ministers meeting, at which
the Commission will present ils
latest assessment of the pros-
pects for reaching agreement.
The UK representative is Mr
Peter Rees, the Minister for
Trade.

Viscount Etienne Davignon.
the EEC . Commissioner for
Industpr, will report to the
Council on ‘bis inconclusive
round of talks in Washington
at the end of last week, with
Mr Malcolm Baldridge, the U.S.

Continued on Back Page

BSC aims for £7 9m trading
profit. Back Page
Schmidt and Colombo to see
Shultz, Back Page

Canada’s banks: a painful energy hang-
over 16

British merchant fleet; hopes of a Falk-

lands boost 17

Social security: pensioners — pressure

on the safety net 17

Around Britain: Nottingham’s new con-
ference and concert hall 7

Technology: - semiconductors of the

future 11

Video and film: sponsorship comes

hack ‘ 11

Management: why a prize-winning idea

failed commercially 12

Commercial Law: ** job ” not changed by

reasonable conditions 14

Editorial comment: British Telecom;
Namibia • 16

American News ... 4

AppoinMwntt 7

Arts 15

Bub Rates 20

Business A thf 12-14

Commodities 22

Companies UK ... IB-20

Contracts 7

Crossword .. ...... 15

Eniorlain. Guide . . 15

Euromarkets . ... -23

Euro Options 20

European Mens ... 2.3

FT Actuate*

Foreign Brehwtges

Gold Markets

Inti. Companies ...

Louder Page

Letters

Lex

London Opts. . . .
Management . ...
Mien ft M otter* ...

Mining

Money Markets ...
Overseen News . .
Parliament .. .

Racing ,• ••

Share information 30, 31
Stock Markets;

London 27

Wall Street 26

Bourses 26

Technology 11

TV and Radio 14

UK Noun:

General . 7. R

Labour 9

Unit Trusts:

Authorised ...... 23

Others 29

Weather 32

World Trade News 6

World Value £ ... 27

ANNUAL STATEMENTS
Anderson Strath. 32
Brown ft Taws a ... IS

Crown House 13

Globa Inv 13

Maring Ind 19

L'don ft Provincial 20
Ocean Wilsons .. 20

boosts
profit to

$107m

By Terry Byland in New York

CHRYSLER, the third-largest
US. motor manufacturer, made
a profit of $106J)m (£61. 5m) in
the second quarter of this year,
a major step forward along the
road to recovery from the crisis
that forced the company to seek
U.S. Government financial help
thre years ago.

In the same period last year !
Chrysler earned $20. 7m. largely j
from activities it has since dis- •
posed of. Mr Lee Iacocca. chair- ;
man, in his most ebullient form. I
said this profit comfortably ex- j
ceeded the most optimistic fore- |
casis from Wall Street’s car in- !
duslry analysts. j

For the full year, he said. I
Chrysler could earn $150m on J
operations which, with the ex-
traordinary gain from the sale j
of iis defence division, would !
bring total net profit to about j
S4O0m.

Mr Iacocca told a crowded i
meeting in the Waldorf-Astoria 1
Hotel that Chrysler had •
amassed a cash holding of more i
than $lbn to offset its $1.2bn
of government-backed loans.
The company plans to repay
these loans by 1985. he dis-
closed. Although in theory
Chrysler could then resume
dividend payments, it still has
a further $800m in long-term
debt.

Mr Iacocca ascribed the rise
in earnings from the compar-
able period last year to the
company's policy of cutting costs
and improving efficiency. As
expected at a time of weakness
throughout the U.S. car indus-
try. Chrysler sales were 10.5 per
cent down in the quarter. The
rise in earnings indicates the
success of the cost-pruning
exercise on the manufacture of
the Omni-Horizon. Dodge and
LeBaron models.

Mr Iacocca would not be
drawn on prospects for the
latest round of wage negotia-
tions with the United Auto
Workers, which open today.
Because of its financial problems
Chrysler has been able to nego-
tiate lower wage rates than its
competitors over the past two
years and pays about $3 an
hour less than General Motors.

The Chrysler chairman spoke
bitterly of the current state of
the U.S. economy, with its
record rate of corporate bank-
ruptcies and rising unemploy-
ment. He pointed out that all
his • forecasts for the company
were subject to the risk of •* the j
roof caving in." Rising interest
rates were crippling the indus-
try and the economy and “ the
Administration's programme
cannot work unless they’ get
interest rates down."

cut prime rate
to 16 %

BY DAVID LASCELLES IN NEW YORK
AND WILLIAM HALL IN LONDON

TWO LARGE V.5. banks yester-
day reduced their prime rates
by half a per centage point to
16 per cent. The move came
as European hopes that U.S.
interest rates generally were
heading lower gathered
strength.

Coupled with relief at the
ending of The rail strike. The
development boosted London
siock markets, which finished
Trading with their biggest daily
gain since May.

Manufacturers' Hanover, the
fourth-Iargesl U.S. bank, and
First Chicago led yesterday's
downward move in U.S. prime
rales, the first, cuts in eight
weeks.

All hough short-term U.S.
rates have fallen sharply in the
past fortnight reducing bank
funding costs, most banks arc
-till holding buck on prime rate
cuts until they can be sure thar
the downward trend is a lasting
one. Some banks which cut
their prime rates in May were
forced into an embarrassing
reversal when the market back-
tracked only days afterwards.

Most banks are also awaiting
today's congressional testimony
by Mr Paul Volcker. the Federal
Reserve Board chairman, whose

Decline In U.S. growth ra(e
feared. Page 4
Money Markets. Page 28
Lex. Back Page

assessment of the monetary
outlook will have a big influence
on the financial markets. There
is a chance that he may alter
targets for the growth of the
money supply.

The belief that U.S. interest
rates arc heading lower appears
to have taken hold in Europe's
financial markets. Eurodollar
interest rates fell sharply yes-
terday with the throe-month
rate florin? over half a per-
centage point lower at 14 per
cent Over the past fortnight
this rate has dropped by over
2 percentage points.

On the London Stock Ex-
change. the FT Industrial Ordi-
nary - share index staged a rally
of 12.P points, ils biggest daily-
rise since late May. The FT
Govemmeni Securities index
rose 0.79 to 71.98 — iis highest
level for nearly two years.

Prices of long-dated UK
Government stock rose by over
1} points and the Government
Broker is believed to have sup-
plied sizeable quantities of the
six £100m " irancheltes " or
mini-tops ranging in maturity
from 1985 to 1998.

There were conflicting forces
at work in the UK money mar-
kets yesterday. There was an
exceptionally large shortage of

US. PRIME RATE

i3mth. EURO
k DOLLAR

- DOLLAR

ogwnet the D-MARK

£lbn. which led iu lirmnr- •
among ihc shorter i merest r.ite
with seven-day tnier-lvink raff
rising hy i io 12 11-U«ths pei
cent. However, ihe feeling i h.» ■
U.S. rates are on the way dow
led to an easier trend in period
rales, with one-vear money fall
ing by 1 of a percentage poiiti
to 12 j per cent.

The Bank of England inter-
vened in ihe money market'
and cut some dealing rates bu*
it did not reduce its key rate
for band-one hills, which i r
often regarded as a necessary
indication by analysts that it
wants to see interest rate*
lower.

Last week. UK hanks reduced
their base rates by half a per-
centage point to 12 per cent
and indicated at the time tha*
this was likely to he the nnlv
reduction for some time. How-
ever, the continuing decline in
U.S. interest rates has led in
increasing confidence tint
another cut in UK bank ha™
rates might not be too far away.

Bankers in Europe believe
that the interest rale pieturi*
will be clearer following Mr
Volcker's testimony today tn
the Senate Banking Commuter.

In the foreign exchange
market the U.S. dollar opened
sharply lower against mos*
majnr currencies. It staged
slight recovery toward* th n
close of irading in Eurrne.
although ii ended the day
falling from Friday’s DM 2.4775
io DM 2.4685 against the Ger-
man currency. Against the
Swiss Franc it slipped from
Friday’s SwFr 2.1025 in SwF-
2.0990. Rul against ihn .lanane^r*
Yen it finished at Y 254. 2 5 rnm
pared with Y254.0 hefore ib* 1
weekend. The dollar's iradr
weighted index fell bv O.S ir.
120 . 2 .

About

320

acres

About

172

About

181

acres

Or Ihe irsirudions of Tanroc Rcodstone Hddncp limited

BEDFORDSHIRE/CAMBRIDGESHIRE BORDER

St t Jeon; muci kamedfete A1

A leisure property with outstanding potential including an 18 hole golf course
beautifully situated adjoiningthe River Ouse

Planning Perrnkuonsfcr.-- Marina with consent for 100 permanenf and 10^ visitors moorings -
Gort/Marina Qukhoi/se - 4 Squash Courts - Par 3 Gelt Course cn about 32 caes -
Caravan Site on about 22 acres.

3 Course Fishing Lakes and about l : miles of single bank fishing on the River Ouse.

2 lafces let lo Water Sport dubs and about J3? j acres let to a Naturalist Trust
Modem Bungalow

STAFFORDSHIRE

Wcl.ttrtamplcn 7 rr^es. Biidgrcrth 9

A most attractive 78 hole golf course with clubhouse and driving range
situated-in an devoted and rural position

Planning Permission for enlsr.pcrr^r.t cf She Ouchcuse

Dwdopnwni piienlial ior-f bquash Court:, a v belt shed course end other reaestisr.si uses
{subject la planning ci-ncer.:!

Three Cottages,
fishing InLe.

SOUTH YORKSHIRE/NOTT1NGHAMSHIRE BORDER

Doncaster 6 miles. AIM 0025s 5 mitx.

Aweil festabitshed 18 hole counewHh driving range
matured position

Clubhouse and Stewards Accommodalion.

Development Potential for Squadt Courts and AndDaiy Raotfes
(subject to penning cement!

For Infest Share Index phone 01-246 8026

kf! Knight Frank&Rutley

+Rh 20 Hanover Square />«q 017$

London W1ROAH Telex 265384 US"OZrf Ol/ J

A

2

i'il.llI.v.'.iU A ..*■*»* 4 *»'r*

EUROPEAN NEWS

Robert Graham reports on political prospects as Madrid’s centrist government limps to an early election

ist-T “ -

Disarray shortens odds on Spanish Socialist victory

• ttk*t? MANY bar owners,
hBeuel installed a colour tele-
vision for the World Cup,
beneath which he proudly taped
■a poster of foe Spanish team.

Now he has erected a mock
altar below it— a black cloth
draped over a box ' with a
crucifix irreverently bearing a
referees whistle and two candles
"’ on either side. By the poster of
foe team, which Miguel and his
fellow Spaniards feel performed
so badly, is foe crudely scribbled
; "caption “May- they rest in
. peace.” If Spaniards cared as
much about the performance of
their Government as that of their

- football team, foe same caption

- would apply.

Spain is drafting in a pre-
L electoral vacuum. The only
c er t ainly is that foe political
~ map of Spain, which has existed
since foe death of Franco in

- November 1975 and was formal-
ised by foe June 1977 democratic
elections, is about to disappear.
-There is a strong possibility,
-however; that Spain faces foe

prospect of' a Socialist admfrri-
stratkm for foe first time since
1936 and the onset of foe Civil
War.

and Sr Landelino Lavffla, foe
Speaker of foe House, has been
brought in to stop foe rot and
stiffen morale. This has created
even more uncertainty, though,
heightening the feeling that the
administration cannot last
through until- spring next year
and that it will opt for elections
in November or December.

UCD. the party .that has
dominated political life during
the- transition to democracy, is
changing its direction. From
being a reformist centre party
under the leadership of former
Prime Minister- Sr Aldolfo
Suarez, UCD has gradually
moved to foe right* This
week’s .election of Sr Lavilla
as leader takes it one step
further.

mally constituted two months
afterwards — the implication
being that it would have taken
a different shape, or shapes, if
it had not won the elections.

There was- no consistent
ideology among the groups but
their, various leaders were all
products of what could be called
.foe “political class" created
under Franco: people either
mildly opposed to the regime
yet dependent upon it or
directly involved in foe regime
itself— like Sr Suarez, one-time
secretary general of the Movi-
miento.

'Lame duck

The G o vernment of Sr
Leopoldo Calvo Sotelo has
become a lame duck administra-
tion. It is limping towards -early
general elections with - foe
exhaustion of a runner who sees
crossing the finishing line as a
feat in itself. The Government
has lost foe will to act and a
sipate of desertions since last
December have crippled the
capacity of foe ruling Union de
Centro- Democratico (UCD) to
-operate with a viable majority
In Parliament.

Sr Calvo Sotelo has stepped
down from foe party leadership

The party has already shed
Social Democrats and Liberals
at one end and right-wing
Catholics and Christian. Demo-
crats at the other— desertions
which owe as much to genuine
differences as to the feeling
that the ship is sinking. UCD
(performed disastrously in the
May elections to the new
regional parliament in Anda-
Jucia, capturing only 14 per
cent of foe vote. One private
poll reportedly gives foe UCD
only 5 per cent of the national
vote in a general' election.

The rising starts- foe right-
wing conservative Alianza
Popular of Sr Manuel Fraga,
a former minister under
Franco, a party cold-shouldered
by foe electorate in foe two
previous general elections. Sr
Fraga is reaping the fruits of
UCD discontent a shift to foe.
right by some UCD voters, and'
of its own consistent political
stance: conservative Spanish
nationalism with a strong
emphasis on the value of the
family and law and order.

The fate of UCD is therefore
seen as increasingly bound up

Ion deli ao Lavilla, the new president of the ruling UCD,
which is under challenge from the Socialists. led by Felipe
Gonzales (right)— Spain's most popular politician

with -Sr Fraga and Alianza
Popular.' Sr Fraga talks of an
alliance of “ the natural
majority." Such an alliance —
inevitable, according to several
commentators — leaves foe way
open for the Socialists to move
into the moderate centre terri-
tory it has always contested.

On the admittedly partial
evidence of the Andaluda
regional' election, where foe
Socialists got 51 per cent of foe
vote, UCD surrendered this
'ground. Sr Felipe Gonzalez,
the Socialist party’s 40-year-
old leader, has become foe most
popular politician in foe coun-
try.

In foe past two years Sr
Gonzalez has quashed a size-
able left-wing dissident element
and- done his best to present
foe .image of a moderate,
disciplined party. Not only
has he gained summit from
the centre but also from dis-
con tended Communists. The
bogpy of a powerful Com-
munist Party has vanished: foe
party has lost the mainstream

of its Eurocommunist figures,
disillusioned by the authori-
tarian leadership of Sr San-
tiago Carrillo.

The appeal of Communism to
voters has suffered drastically
and the party can rely on no
more than a hard core support
by 5 per cent of foe electorate.
This leaves foe Socialists as foe
Party of the Left, and presents
Spain with the prospect of a-
Socialist administration.

In broad political terms,
therefore, the shake-up is rang-
ing from a moderate, well-
organised, but untested, Socia-
list party against a loose right-
wing coalition with several
maverick splinter groups. The
powerful Basque and Catalan
nationalist parties act as float-
ing elements of support in the
middle. It is not a crude left-
right confrontation but, in cer-
tain circumstances, it could
become thus polarised.

UCD was formed from 14
different groupings under foe
leadership of Sr Suarez to fight
the 1977 elections and only for-

UCD was held together by a
.desire to inherit and transform
the Franco power apparatus.
Sr Suarez correctly realised this
was best obtained by a centre
reformist platform. In 1977.
UCD obtained 34 per cent of
the vote and 165 of the 350
seats in Parliament and in 1979
over 35 per cent of the vote
and- 167 seats. Desertions have
now reduced this to 149 seats
and, very shortly, may drop to
121 .

. There can be few- instances
in recent European politics
where a party, which has
obtained a clear endorsement
from foe electorate with a work-
ing parliamentary majority, has
so successfully destroyed itself
from within.

UCD has been involved in an
almost continuous battle over
who should share in the power
that it has won. Sr Suarez and
his successor Sr Calvo Sotelo in
fob premiership have been
obliged to balance Cabinet posts
according to factions. As a
result, there have been 70 new
ministers in five years. Tbe
party is now on its fourth
leader.

It can be argued that UCP’s
troubles and the changing
nature of the political parties
is a natural process of adjust-
ment in Spain's infant demo-

cracy. In particular, UCD has
to settle the contradictions of
its original composition. Such
a view, however, should not
obscure the very serious issues
facing Spain. -

The disruption caused by
ministerial changes -and party
politicking, coupled with the
administration's practice of
shutting down For effectively
three months a year for holi-
days, has left Spain without
serious government for more
than half of .the past five years.

The fundamenal problems
affecting the modernisation of
Spain have yet to be resolved:
the role of the armed forces
and their relationship with civil
authority, the relationship be-
tween Church and State (especi-
ally over education), the rela-
tionship between central
government and the regions, the
creation of an impartial judici-
ary, the regional imbalance of
wealth and foe prevalence of
enormous disparities in income
distribution.

Until now, the framework to
tackle some of the problems has
been established — for which
UCD can take foe credit. How-
ever, the essential nature of the
problems themselves has not
been tackled and foe pace of
reform has slowed noticeably
in the wake of the abortive
coup of February. 1981.

Both Sr' Suarez and Sr Calvo
Sotelo’s government have been
afraid of antagonising foe mili-
tary. of upsetting the Catholic
hierarchy, of colliding with
financial interests over fiscal re-
form and liberalisation, of sfaak;
ing up a conservative judiciary
and prodding a complacent en-
trenched bureaucracy.

The military now enjoy
exaggerated deference. No one
has had the courage to act on
the basis that the coup failed,
that the military were divided
and ultimately unwilling to rock

the status quo. This therefore
permits- the dangerous situation
of the military to remain as-
arbiters of foe nation,. The: most
powerful factor preventing a
Socialist victory would be a pro-
paganda campaign saying the
military would not tolerate
** the Reds." Sufficient- impor-
tant interests are concerned,
about a Socialist victory to allow
this to happen. : -

Sr Gonzalez is acutely aware of
this danger, which is why he
has pitched all his statements
in such moderate tones. Indeed,
this moderation, has. earned the
Socialists tho label from some
as “UCD without .ties," the
difference being more of style
than content as the solutions to
the problems allow little margin
of difference.

Palliative

For Instance, with over 2m
unemployedr— equivalent to 15
per cent- of the active population
— a Socialist government would
be under strong pressure to pro-
vide some palliative. Yet un-
controlled pubUc. sector spend-
ing has already - allowed the
public sector deficit to exceed
that budgeted for tbe whole
year. The inflation rate looks
set to be 16 per' cent instead
of 12 per cent, and hard
currency reserves "have fallen
this year SL5bn f$S72m) along-
side: a peseta -which continues
to slide.

The -scale of inherited -prob-
lems, combined with fears of
antagonising foe military during
foe early period.- of transition,
made the Socialists deliberately
shy away . from , wanting to
govern. In the wake of foe coup
foe Socialists -suggested a coali-
tion with UCD, now Sr Gonzalez
appears willing to go it alone —
or rather, events are forcing him
to do so.

questfojpt

1 ByDtmiSmithjn U*oo

PORTUGAL has bees *We to
resolve foe quest fen of fte
EEC banks’: right to geCtqt in
tbe country after its accession
to .the :V .

Lisbon had wanted * 10.
year, transition before EEC

banky hbd foe fuH right nf
establishment in Portugal,
This,lt argued, was to protect
Its nationalised banks against
a sudden influx of eompeti-
tkm, and- to adjust '. them
gradually to new demands.

Although the EEC wanted
only five yeazs, foey eo m .
promised on. seven: **£ a
deputies’ meeting test Friday
In Brussels, 7 _ .-’

‘ However, the - - -negotiators
failed to agree w foe pro.
portion of theTr raeurm
EEC banks will he allowed to
raise locally ,ih- Pofonai,
While foe^EBC wants the
-figure to .be 5® per cent.
Portugal wants au per cent
arguing that Its baiddng
system is too Weak te bear
more. •' - : 'r .f.

. Other toptdt be

solved, including Lisbon’s
participation in the European
Customs- Union, theCealand
Steel Community, taxation,
and external reiatian^vUdi
have preoccupied -foe two
sides since June. “.t: :

Following the EEC Coondl
ot Minister’s rejection, «r
Portugal’s request i for a
ministerial meeting to disettss
textiles this weeki anotlwt
deputy negotiators’ meetfee
will he held before the end
of this month- to try tosettle
the question.

Mr Kjeld Olesen, Denmark’s
Foreign Minister, who tr iko
President of the EEC Connell
of Ministers, will be in Lisbon
on ah. official visit later this
week.

Which saves you

W. German exports

to East bloc decline

BY STEWART FUMING IN PRANKFURT

There are two
ways of looking
at road transport,
whether you’re
thinking of a light

hard, getting the most from it you can,
then dispense with it while the going Is
good and before It really starts
to cost you in terms of repairs
and maintenance.

The other way is to
Invest in a Mercedes and
run It over a much longer
life span, making use of
the many Mercedes
back-up and support
services, repair and
maintenance facili-
ties, to keep it on
the road.

Mercedes
philosophy means
every vehicle is met-
iculously engineered
to give you the best
operating economies.

You save on parts

arid repairs, cut downtime to a minimum,
reduce everyday maintenance and make
noticeable savings on fuel consumption.

Mercedes have trucks to lit every
transport requirement. From 40-tonners
van or a 40-tonne to light delivery vans. They all have one
artic. thing in common. Meticulous engineering

One way is to that doesrft costyou.lt pays you.

Contact your dealer now or phone our
regional offices in London on 01-561 5252
or Wakefield (0924) 254111.

buy one, run it

AMONG foe- industrialised
countries, West. Germany
remains .foe most 'important
trading partner for foe Eastern
European Communist . states.

.But its " share xrf Western
exports to foe East bias- been,
dedining' steadily in foe last
few years and so too has foe
importance of exports to the
East bloc within West -Ger-
many's own foreign trade, -and.
foe size of foe Federal Repub-
lic's current acoonat saipkns
with the East . .

This is tiw comduskm stich
emerges from an analysis 0 <f the
Federal Republic's financial
relationships with, the Odm-
xnuntet bloc in foe Jolty monthly
repost of the Bundesbank, the
West German Central Back.

The report supports the argu-
ments of those who have main-
tained tint U.S. : criticism of
West Germany’s close economic
relationships with the East Bloc

out that West German exports
of raw materials and produc-
tion goods . such as. chemical
products and steel pipes sug-
gest that ..to foe East bloc
countries Such imports act as
.■a cushion, with import demand,
focusing on .products whid
either are - not available
domestically and which cannot
be produced quickly, but which
are essential. - -

Hie Bundesbank emphasises,
however, that East European
countries have . reacted
differently to the adjustment
pressures on them and argues
that therefore M these countries
cannot be seen as a uniform

group”

Thus, for example,' there
h ave b een sharp falls In West
German exports to certain
countries — exports to Poland
fell by 20 per cent last year.'
and exports to Romania are
also down sharply, in the pan

TRADE BALANCE OF CENTRALLY PLANNED ECONOMIES*

• Current

Trade , account
"Export! -• Imports balance babace

. DM bn DM bn DM bn - DM bo

.JH n A Til 4-6J +M

T97J . 1 M 1L4 - +4 A ' +43

ltd ' 1« +JJ, +4.1

19J 18.7 . -+JU> +Z2

DD * L °* which People'! Republic of China 1M1. export*
DM 2_Jbn, imports DM 14bn, current account +DM T-Obn.

IT PAYS YOU

9

is founded in part on an
exaggeration <rf foe importance
I . of East European trade to foe
Federal Republic.

The Bundesbank says that
since. 1975 the share of Goto*
miuiist bloc, exports as a propor-
tion of "West Germany's total
exports has fallen steadily from
7.9 per cent in that year to 49
per cent in 1981 and that in the
current 'year the decline is con-
tinuing.

(The figures exclude trade
[with East Germany, which is
treated separately in. West Ger-
many’s accounts -as inner Ger-
man trade.} -

Thus, whereas in .the first five,
months of this year the Federal-
Republic’s exports -were 15 per
cent higher. East bloc trade was "
down by 2 per cent '.

Moreover. West? Germany’s
share of Western industrial
country, exports :to the East bloc. ■
which was 25 ^ per cent at Its
high point is 1975, had fallen'
to 19* per cent by 198L -
The Bundesbank says that- the .
explanation for the decline in
West 1 German trade with the
East bloc at a time when a weak
| D-mark has been -hefting the
country to regain market shares
in other markets, reflects shifts
in the structure ofV East-West
trade relations.

It says that foe Federal
| Republic, as. foe world’s most
important exporter- of invest-
ment goods, has suffered from
1 foe economy , measures - of East
bl«c countries.

They have been holding bade
1 b ecaus e . of foreign! exchange
; shortages and "have also been' -
increasing tbeir -imports, of
agricultural products arid food
as a result of. poor harvests.

Thus, whereas. In' 1978- Invest-
J “ en t goods exports accounted
for 47 per cent of West German
*o foe -East bloc, by
f he share was down to 41
.-per cent. . '

But foe Gen fra 1 Bank pdirtjs

two years — while sales to
countries which have retained
a special . ". standing "■ or. hare,
not borrowed heavily in the
.West have risen. ■ In 1®1
; 'expdrts. to 'Hungary- riise by
per cent and to Bulgaria by 30
per cent

But.it is not Just cute in ex*
ports which account rfbr foe
steady decline in WestGerman
current account surpluses with
East Europe since .1975-

West German imports have
also risen , sharply aa->East Noe
countries have, attempted to cut
their deficits and improve their
financial position through in-
creasing exports.

* Thus, between 1978 and 1981.
'West •■' German imports, ftom
Communist bloc countries have
. risen by 54 per cent faster than
in^ foe previous three ’years— .
45 per cent. And to the first
five months of this year, imports
were, up by a further 30 per
cent;

The . Central Bank says .
the Federal Republic iff not
alone in this respect. In dollar
terms, Japan and France 1
increased foeir imports, by 1®*
per cent between 1978' and 19SL:
foe US. by 90 per cent and
Italy by (ft per cent' : . ; ;J ■:

In West. Germany’s case, ok
rise in. imports from the So®?*
Union -of .70 per cent In- fo' s •
period was due almost entirely
to foe- rising price of oners'
imports.

About. 7 per cent of Weal
German energy- imports cofo®
from the Soviet Union althwtfp '
at present oiT imports are f«»-
ing but natural gas. Imports in-
creasing; .._ .But West German
is also importing more from
Other- East Woo countries, both,
finished goods and fobd.

li

0!

I'll

il!

FINANCIAL" " .TIMES. BUblhanJ' dWW
■HMftt 'Sunday* and holtfiy*;- . U-S.
•UMcrlptkm mTes S3S5.00 p*r «iuinm-
Clan* smraas - Mid « *?•* -
w*i. n- additional mail"*

CmtrBB.- .

Financial limes Tuesday July 20 1982

EUROPEAN NEWS

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Belgrade provides
$487m to help

BY Al£K5AND5t LEBL1N BELGRADE

THE YUGOSLAV .authorities
have provided 3487m f£27Qm)
this year to help hard-pressed
Yugoslav banks meet their
foreign obligations, and nearly
half of this — $23S.5m — has
gone to one big institution.
Privredna Banka of Zagreb,
which still faces. serious diffi-
culties.

This- was announced by Mr
Janko Sxnole, a member of the
ruling ..Federal Executive. Coun-
cil which is Yugoslavia's equiva-
lent of a cabinet. He was speak-
ing in Parliament late last week,
during a session' In which four
laws were .also passed. to. reduce'
temporarily banks’, exposure, as
well as to cut investment and
budgetary spending.

Mr Zvone Dragon, the vice-
premier in charge of the
economy, has made it clear that
while the Yugoslav Government
is trilling to let chronically weak
banks |nd companies go under,
it trill see to it that their foreign
borrowings are repaid in full..

This was the first precise
indication of the help Privredna
Banka has received from the
National Bank this year,
although the nature of its prob-
lems, which caused it to be late
earlier this year on some foreign
debt repayments, was already-
known.

The Zagreb-based bask has
over-extended its lending for a
number of ambitious projects in
Croatia, including a . petro-
chemical joint venture between
IN A. the Yugoslav oil company,,
and Dow Chemical of the U.S.,
an oil pipeline, motorway con-
struction _and other big. in-
frastructure plans.

Privredna Bank-a is What is
known in Yugoslav parlance as
a “basic** bank, operating on

its own, as distinct from an

associated ’’"bank which groups
together a number of ** basic "
banks usually from different
republics. The associated banks
are large and well placed to
help any of their constituent
banks. But Croatia! of which
Zagreb- 4s tbe capital, happens
to be the only Yugoslav republic
without ah associated-hank.

However, a. rescue operation

. is .under .way for Privredna

Banka. . Mr Neven Barac, its
president, has' been demoted,
and faces- charges over economic
1 misdemeanours. He has been
. replaced by . . Mr - Tomislav
Badovinac, - a -former vice-
governor of the Yugoslav
National Bank;

Meanwhile, the new legislation
prohibits banks from guarantee-
ing investment loans — from
domestic or foreign sources —
which . cannot be repaid, from
existing., company funds. The
laws which run only until the
. end of the year also bar banks
from lending -to cover construc-
tion cost overruns.

. A limit of .17 per cent has
/been set on the increase in
budgetary, expenditure this year,
and some social services, health
and education, in particular,
have been told they will have
their funds blocked for three'
months. The Government of Mrs
Milka Planinc is thus tightening
even further the austerity
strategy in effect for the past
.three years.

But prices are rising faster
than expected. In the first half
of' 1982 retail prices rose 14.6
per cent on the December 1981
level, whole the cost of living,
a wider measure which includes
services and .housing costs,
increased by 173 pier cent over
the same period.

Tobacco groups fined £800,000 for price fixing

Yugoslavian call for
crackdown in Kosovo

BY DAVID BUCHAN

THE YUGOSLAV parliament
has called on prosecutors and
judges to crack down on “anti-
state ” and “ unlawful activity "
in the troubled southern pro-
vince of Kosovo.

• The parliamentary resolution,
urging “more -resolute legal and
other steps" against the unrest’
in Kosovo, was passed last Fri-
day, the same day that a KosOvo
court sentenced another nine
ethnic Albanians to up to four
years in jail for belonging to
anti-state organisations.

Some sentences meted out

recently have been as long as
15 years. Most of these relate
.to riots last year in which nine
people were killed and several
hundred injured as ethnic Alba-
nians took to the streets to
demand : more autonomy.

But what, is disturbing the
’ parliament in Belgrade .is the
Continuing pattern of communal
strife, in Kosovo, mainly in the.
form of - harassment by the
ethnic Albanian . majority
against Serbs or Montenegrins
.who have been leaving the
region.

U.S. envoy in Paris hits
back in protocol row

BY DAVID HOUSEGO IN PARIS

THE UNNAMED Pentagon
official who last week accused
France of concluding a secret
protocol with the Soviet Union
was effectively disowned yester-
day by Mr Evaii Galgradth, the
U.S. ambassador ifl-Paris.

But Mr Galbraith also under-
lined the dangers that Alsthom
Atlantique. the' French power
engineering group, would run
under U.S. law if it broke the
U.S. embargo and supplied rotor
blades for the Siberian gas
pipeline.

The warning came amid con-
flicting reports that the French
Government - would instruct
Alsthom to ignore the recent
U.S. decision to extend sanctions
on high technology products for
the pipeline. Alsthom has a
FFr 400m (£S5m) contract to

supply 40 sets of rotor blades,
made under licence from
General Electric of the U.S., as
spare parts.

The ambassador said that the
Pentagon official was not speak-
ing on behalf of the U.S.
Government and that his
remarks "created a misunder-
standing that should have been
avoided." He said he thought
that “we were at fault in
bringing this up at this time."

The official's accusation that
the secret protocol had under-
mined U.S. attempts before tbe
Versailles economic summit to
secure a united Western front
to curb credits to the Soviet
Union caused an uproar in Paris
with strongly-worded denials
from the Government and front
page coverage in the Press.'

Industrialists hesitant
on economic outlook

BY DAVID HARSH IN PARIS

FRENCH industrialists, caught
in the pincer grip of the
Government's domestic price
freeze and the inflationary
weakness of the franc, have be-
come extremely hesitant about
the economic outlook, according
to tbe latest survey from the
Bank of France.

The survey, the latest in a
series of gloomy reports on the
French economy since last
month's devaluation, says com-
panies intend to maintain their
present low level of output until
the holiday season ends in Sep-
tember.

But their forecasts for the
final quarter of the year — when

the Government faces the tricky
question of re-negotiating a
smooth ending ' for its four-
month wage and price freeze —
are “ extremely reserved.’-* Many
industrialists declined even to
make any predictions.

Industrial production rose
slightly in June, following the
flat performance of the previous
two months. •

In a separate report on The
economy, the official statistics
institute. Insee, forecasts that
the French inflation rate could
be kept down to about. 10.6 per
cent this year because of the
price and wage freeze.

Turkish economic package
to be published soon

BY MET1N MUNIR IN ISTANBUL

TURKEYS new economy over-
lord, Mr Ad nan Baser Kafaoglu,
is working on a .comprehensive
stabilisation- package, .expected
tn he published in a month,
officials said. .

The .package will contain
Turkpv's economic procramtnft
fnr the next 13 months. Mr
Kafaodu -faces a series of
delicate choices and. ha£‘ decided
against rushing things through,
the officials added.

Hip most difficult choice is
how to inject liveliness into the

depressed domestic market
withour fuelling inflation.

Probably the biggest problem
he faces concerns the cost of
loans, which has brought many
businesses to. the brink of in-
solvency; and caused a large
drop in most banks’ lending
portfolios.

Mr Kafaoglu became Minister
nf Finance last week, replacing
Mr Turgut OzaL, the Deputy
Prime Minister, who resigned
as supreme planner .of. the
Turkish economy.

Jaruzelski
increases
dominance
in Poland

By Christopher Bobinski in

Warsaw

THE CHANGES last week- in
the Polish party leadership
point to the continued
dominance of General Woj-
dech Jaruzelski.

But it is likely that bis stand-
ing trill drop another notch
in the eyes of the public on
Wednesday if, in a speech to
parliament, he fails to fulfil
expectations of major changes
in the martial law regime.
Apart from freeing internees,
the main emphasis is 'likely
to he on unveiling “The
Patriotic- Movement for
National Renewal," based
on a network of committees
set' up soon after martial
law was . imposed * last
December.

The committees are seen by
the authprities and presented
in the media as groups of
people of good will. They
. support the military authori-
ties in their task of setting
Poland’s house in order after
the devastation of the last,
year.

Some 5.000 are in existence, but
they inspire little public con-
fidence and are “made'up of
people who -support the
authorities in most situa-
tions " as one party member
admitted.

The authorities have derided to
widen the formula by giving
the movement far-reaching.-
if .vague, powers of consult^
tion over official decisions and
■ they have formally included,
the three small Catholic
groups represented in parlia-
ment.

The move is typical of General
■Jaruzelski’s more cautious
style whidi the changes in
the party leadership will give
him a chance to develop.

The most important change is
the removal of Mr Stefan
Olszowski, an ambitious man
and potential contender for
the top post away from day-
to-day handling of the media
— probably to become Min-
ister of Foreign Affairs.

Mr Jan Glowczyk, .editor of an
economic weekly, will be
taking over, but the change
means in effect that control
of media policy will be fully
in- the hands of General
Jaruzelski and bis allies such
as Mr Mieczyslaw Rakowskf,
himself a journalist . and a
.Deputy Premier.

The change is unlikely to bring
any liberalisation, but pos-
sibly a change of style to a
more persuasive tone.

Mr Olszowski ran the media in
March 1968 during the crack-
down on students, and many
of his supporters from those
days who were given influen-
tial posts are now' likeiy to
be replaced.

At the same time. General
. Jaruzelski has ditched Mr
Hieronim Kubiak, a professor
of sociology and one of the
most open-minded members
of the Politburo, who has lost
his ; responsibility for culture
and science.

For the moment, his responsi-
bilities are expected to be
taken over by Mr Josef
Czyrek. who will continue to
oversee foreign affairs in the
party while yielding his
ministerial post to Mr
Olszowski.

While these changes went
smoothly, the sacking from
the politburo of Mr, Jail
. Labecki, a worker from, the
Lenin shipyard in. Gdansk
produced a ripple of revolt in
the central committee.
Thirty-one members' voted
against and 25 abstained, one-
third of the members voting
and present, over his resigna-
tion and this shows that there
is a groundswell of feeling
against removing officials
representing the party grass-
roots in the centra! committee.
General Jaruzelski also brought
four new members into the
central committee . which
should, in theory, be elected
by the party congress.

In each case, a sizeable minority
nf central committee members
voted against, and in the case
of Mr Stanislaw Bejger. the
new party chief in Gdansk,
fin voted against his being
allowed on to the central
committee.

But it is the party hardliners
who are making play of such
breaches of party rules, and
it is they who are to be heard
demanding that the leadership
stick to the party statutes.

BY JOHN WYLES IN BRUSSELS

THE EUROPEAN Commis-
sion has outlawed some of tbe
key marketing practices of
Dutch subsidiaries of major
international tobacco com-
panies and levied fines . of
more than £800.000 for
breaches of EEC competition
rules.

The fines have .'been im-
posed on manufacturers and
importers as punishment for
price-fixing agreements made

in 1974, 1975 and 137S.

These aimed at stabilising
market shares and, according
to the Commission, amounted
to a “serious breach" of
Article 85 of the Treaty of
Rome.

The companies affected and
the fines levied are Sigarel-
tenfabriek Ed Laurens
Gravcnhage (Fr 1-108.757).
British American Tobacco
(Nederland), Amsterdam
(FI 913,094). Tarmac Tobacco

Hilversum (FI 847,873), R. J-
Reynolds Tobacco

(FI 391,326). Philip Morris
Holland; Amstetveen

(FI 326,105), De Koninklijke
Bedrijven Theodoras

Niemayer. Groningen

(FI 260.884).

In its ruling, the Commis-
sion has also banned _ a
discount system for special-
ised retailers which has been
practised since 1974. This
fixed tbe level of discounts

according to the total volume
of purchases by the retailer
from manufacturers partici-
pating in the arrangement
rather than according to ihe
sales of individual products.

Tbe Commission claims
that this practice restricted
competition between manu-
facturers and importers and
infringed Article SS.

The Commission also
objected to agreements
within the industry which

fixed the profit margins for
retailers. This prevented
retailers from negotiating
their margins with individual
suppliers.

The Commission - '? decisions
will require the di^manllin?
of the Dutch tobacco in-
dustry's extensive self-regula-
tion. They arc closely in. line
with rulios-. is.-ueri in I9TS
breaking up similar agree-
ments in Belgium' ' and
Luxembourg.

Arab summit is wanted, Genscher says

BY OUR BRUSSELS CORRESPONDENT

JORDAN and Egypt are show-
ing growing interest In holding
a summit of. moderate Arab
states in a bid to end the
present turmoil in the Lehanon
and prepare the ground for a
broader Middle East peace
settlement

This was reported to EEC
Foreign Ministers in Brussels
yesterday by Herr Hans Diet-
rich Genscher, the West German
Foreign Minister, and Mr Dries
van. Agt, the acting Prime
Minister and Foreign Minister
of the Netherlands. Both have
just returned from visits to
Amman and Jordan.

Herr Genscher told, his
colleagues that King Hussein of
Jordan was gloomy about events
in the Lebanon. But both he
and President Hosni Mubarak
of Egypt were anxious for an
Arab summit aimed at charting
a way out of the present crisis.

The two leaders are said to
be willing to settle for a partial
summit of moderate Arab states
if hardliners such as Libya are
unwilling to attend.

It is thought that one of the
aims of such a summit might be
to secure' Palestinian acceptance
of the so-called Fahd peace
plan.

Drawn up a year ago by the

then Crown Prince Fahd. the
plan involved, among other
things, recognition by the Pales-
tinians of Israel's right to exist.

EEC Ministers decided yester-
day to step up pressure on Mr
George Shultz, the U.S. Secre-
tary of State, to acknowledge
the importance of negotiations
with the Palestinians, including
the Palestine Liberation Organi-
sation.

M Claude Cheysson. rhe
French Foreign Minister, said
that the evolution of the PLO’s
position away from military to-
wards nolitical priorities could
make this easier. "There will
be no solution in the Lebanon

without more strenuous efforts
to settle the Palestinian prob-
lem. - ’ said one Minister.

Community Foreign Ministers
were also concerned about the
worsening conflict between
Iran and Iraq. M Chcysson
warned that it was not only
threatening the stability of the
Guir but the wider balance in
the Middle East.

• Greece told the Lebanese
Government yesterday that it
was ready in contribute a bat-
talion of 300 troops lo a multi-
national peace force in West
Beirut, where the PLO is hold-
ing out.

Jordan and the Gulf war. Page 4

Herr Genscher

Italy counts cost of heatwave Decision soon on

BY JAMES BUXTON IN ROME

MUCH OF Italy yesterday was
back under a blanket of intense
heat after rainstorms had only
partially halted the damage
caused by one of the hottest
summers on record.

The storms which hit much
of the country on .Sunday and
early yesterday appeared to have
damped down many of the forest
fires which have been raging
for the past few days, mainly
in the south — in Calabria and

Pope’s Polish visit

Campagnia — but also near Rome
and in Liguria,

At one stage on Sunday a
Nato headquarters near Naples
was said to be in danger from
fires in the surrounding woods.
The small Italian fleet of fire-
fighting aircraft has been con-
stantly in action.

The fires have long-term
detrimental effects on the
countryside, making it more
prone to erosion and easier for

developers to build on. But
more serious short-term econ-
omic damage has been caused
by the two-month drought.

This has destroyed fields of
cereal, maize and sugar beet
and has also destroyed some
vegetables. The worst-hit areas
are mainly in the south — in
Sicily where in many parts it
has barely rained this year, and
in Calabria, Basilicata and
Puglia,

BY OUR ROME CORRESPONDENT

A FINAL decision should bp
made in the next few days on
whether the Pope will visit
Poland next month. The Pope
is due to meet Mr Josef Czyrek.
ihe Polish Foreign Minister, to-
day at his summer residence at
Casielgandolfo.

Pope John Paul would like

to visit Poland for the celebra-
tion of ihe fiOOth anniversary of
the Black Madonna of Czesto-
chowa on August 2fi. But al-
though the Polish bishops
recently repealed their invita-
tions. the Polish Government is
believed to want a postpone-
ment. on the Grounds that the
political situation is too deli-
cate.

MAS Business Class.

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Only 36 (eight abreast)

That means you can
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The seats them-
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wide and deeply
cushioned, they give Jj?
you body-hugging
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you extra elbow room
and legroom. And with a
pitch of 41 inches (104cm) ;
offer you much more space.

Mare space, more comfort.

Because there are fewer seats and therefore
so much more space, you not
only enjoy the comfort but are
assured of fast, attentive,
unobtrusive
service. You even
have your own
Cabin Crew.

"Which is why,
when you come to
choose your
meal, you’ll be
surprised at the
individual attention.

More comfort, more relaxing. More relaxing, more refreshed.

As you sit back in comfort you
have a choice of entertainment.
There’s a movie. Or you can
listen- to a selection of music.
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The more you enjoy the
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• Toky o &. 36 destinations within Malaysia.

Financial Times Tuesday- July 20 1982 7

OVERSEAS NEWS

Washington-Luanda
talks fuel hopes for
Namibia settlement

by quewitn peel, Africa editor

TALKS BEING HELD today in
Washington and in Luanda, the
capital of Angola, are seen <as
a critical step towards a peace-
ful settlement in Namibia
(South West Africa).

The talks Involve -two key re-
maining issues — the presence of
Cuban forces in Angola, and the
role of South African-trained
and locally -recruited military
units in Namibia during the
transition to independence.

Diplomats ~ in London - and
New York with long experience
of the negotiations are more
optimistic than at any stage in
the four years of Western, led
efforts to implement a UN
settlement plan. They believe
that a settlement by the end of
the month is possible, with a
mid-August ceasefire declared
in the 15-year guerrilla war.

Senior U.S. and South African
officials, including Dr Chester
■ Crocker, the U.S. assistant
Secretary of State for Africa,
and South Africa’s top Namibia
specialists — Dr Brand Fourie,
the ambassador in Washington,
and Mr Riaan Ecksteen. the
former ambassador to the UN
— will meet in Washington
today.

At the same time, General
Vernon Walters, President
Reagan's ambassador at large is
in Luanda for talks with the
Angolan Government on the
withdrawal of Cuban troops
from that country — which South
Africa regards as a crucial
factor in the settlement.

If the two sets of bilateral

talks are successful, negoti-
ations to finalise a settlement
will resume in New York later
this week, involving the UN,
the five-nation Western conlecc
group promoting the plan, the
South West Africa People's
Organisation (Swapo) whose
guerrillas are fighting South
African troops in Namibia, and
the black front-line states of
Southern Africa. Diplomats
hope to have a plan ready to
present to the UN Security
Council by the end of July.

Although details of the UN
involvement in Namibia, includ-
ing the size, composition and
deployment of both military
ana civilian units, and their
cost are still being worked cut
by the UN secretariat, the key
issue to be resolved remains
the presence of an estimated
15,000 to 20,000 Cuban troops
in Angola. .

Western negotiators are up-
set that the South African
Government insists on publicly
linking a Cuban withdrawal
from Angola with a Namibian
settlement.

The Angolan position is that
the Cubans will withdraw, but
only once any threat of South
African aggression against
Angola has been removed. They
reject any attempt to make
Cuban withdrawal a precon-
dition for a Namibian settle-
ment. A phased Cuban
withdrawal may . present
grounds for a possible com-
promise.

Editorial Comment, Page 16

Drop in,
Gulf oil
price level
‘unlikely’

By Ray Dafarr, Energy Editor

Malaysia shelves $260m
plan to buy F-5 fighters

BY WONG SULONG IN KUALA LUMPUR

MALAYSIA is to postpone the
purchase of 16 U.S.-built F-5
jet fighters at a cost of $2 60 m
(£149.Sm) because of govern-
ment finanaial constraints.

However, in announcing this
over the weekend, Mr Abang
Abu Bakar, the Malaysian
deputy Defence Minister, said
Malaysia would go ahead with
the purchase of SS refurbished
Skyhawks from McDonnell
Douglas for about S330m.

The Pentagon last week
announced it had informed the
U.S. Congress of its readiness

to sell the F-5 jets to Malaysia.

Because of depressed com-
modity prices, the Malaysian
government's revenue is expec-
ted to be heading towards
a sharp shortfall this year, and
the 19S2 budget had been trim-
med by 13 per cent, amounting
to $17bn.

As a result plans -to build a
¥600m air base in Kelantan
State, as well as defence bases
in Johore and Sarawak have
been frozen, while The intake
to the armed forces is- being
reduced by half.

GULF OIL producers are ex-
pected to maintain their oil
prices around the reference
level of $34 (£19.50) a barrel
in spite of speculation within
the Organisation of Petro-
leum Exporting Countries
last week that they would
reduce their rates.

But it was' becoming clear
yesterday that 0 pec’s total
rate of production has risen
substantially above the 17.5m
barrels a day considered by
many members as essential to
keep worldwide supply and
demand in balance.

The authoritative Middle
East Economic Survey re-
ported that Saudi Arabia —
the organisation’s leading
exporter — was unlikely to
change its pricing or produc-
tion policies in spite of the
collapse of the Opec mini-
sterial meeting earlier this
month.

Saudi Arabia had urged
Nigeria, Algeria and Libya to
raise their prices by $L50 a
barrel to reflect the quality
and distribution benefits of
African crude above oil ex-
ported from the Gulf. When
the African delegates refused
there was considerable specu-
lation that Saudi Arabia and
Its Gulf allies would lower
their prices to achieve the
desired differential.

The survey said It was
unlikely that Saudi Arabia
would demonstrate its power
by cutting prices and boosting
output It suggested that (he
Saudis had two options:

• A token cut of about
50 cents a barrel. Such a move
would be ineffective and
could trigger a price war.

# Maintaining the $34
reference price and keeping
the production ceiling at 7m
b/«L

A senior Qatari Government
official was quoted by the
daily Golf Times as saying,
that Qatar .would also main-
tain Its present production
and pricing levels. Qatar
produces around 300,000
barrels a day and charges
$34.30 a barrel for its Marine
36 degrees API (American
Petroleum Institute) oiL
Meanwhile the latest
edition of Petroleum Intelli-
gence Weekly estimates that
Opec production last month
climbed to at least 18.2m b/d
compared with 16.7m b/d in
May and 16.3m- b/d in April

Australia announces major

BY MICHAEL THOMPSON -NO EL IN SYDNEY

THE AUSTRALIAN Govern-
ment yesterday overturned calls
for tariff reductions and lower
protection levels in a major
policy declaration. Instead,, it
unveiled substantial new
assistance for mining and
industry.

Significantly, the Government
announced plans for an
accelerated depreciation allow-
ance for industry and more
generous write-offs.

. The measures will cost an
estimated A$65m (£38tn) in the
current financial year, rising to
A$975ra by 1988. The package
is a major boost for Australian;
industry, given that the current
average write-off period in the
manufacturing sector is about
nine years.

■ The package’s attraction is
reckoned to lie in the fact that
only. - a small portion of the
overall cost will have to be

allowed for in next month's
budget, whereas its boost to in-
vestment and employment could
be felt relatively soon.

That could pave the way for
tax cuts in the budget, with the
prospect of a doable dissolution
of parliament and a general
election later this year.

It is thought the government
may be contemplating a sig-
nificant reversal of economic
policv which could entail a
budget deficit in' the current
financial year of up to A$2biL
The aim would be to counter
the continuing effects of the
international recession, and
prime the pump for a snap elec-
tion.

Mr Malcolm Fraser, the Prime
Minister, has recently stepped
up his criticism of the Aus-
tralian Labor Party, and in
Canberra yesterday virtually
challenged Mr Bill Hayden, the

ALP leader, to provoke him in
to going to the polls.

Mr Fraser said at the week-
end that the Labor Party had
shown it “lacks the stability
which Australia wants."

The Prime Minister stressed
yesterday that Australia was
feeling the impact of plummet-
ing commodity prices, weak
export demand, high interest
rates and a fall in industrial
competitiveness because domes-
tic wage settlements, including
claims for shorter hours, were
out of step with world trends.
Industry was also suffering a
severe squeeze on profits.

"Investment in the resource
sector will be maintained at
relatively high levels for a time,
as. projects previously started
or committed are brought to
completion." said Mr Fraser.

** But while world economic
conditions remain as thev are.

we cannot expect to see a return
to the sort uf. substantial new
investment decisions of a year
or two ago. Investment in manu-
facturing, which- has been at
unsatisfactory levels for most-
of the 1970s, is likely to suffer
another setback as a .result of
the continuing squeeze ' on
profits.”

But Mr Fraser stressed that
the government, would not
weaken in its. resolve. to attack:
on inflation.

He claimed that the- new
depreciation package would
"significantly enhance, the
long-term climate for investment
in Australia." From today,
manufacturing plant will .be
eligible for either a three* or
five-year .write-off, according to
its present depreciable life,

while most new plant used 'by
primary producers will be
depreciable over three yeare.

Mimas and ! petroieifia com-
pairfes infill 4rave. tiier ofstferi .( Q
depreciate their plant either
under the general- depreciation
provisions, or under the nti trior
and petroleum provisions
divisions 10 and Hfoa
Income Tax Assessment Act, :-;

Ob' industry protection, & r
Fraser' said the gDvemtBwu'g
hope;, for. a. . stronger, ;= m®e.
competitive marwlaerurin# wc .
tor would not be best served, -at
present,- by. farmer iedffitibns
in- ptoteetioxv' partldO&itfy- ®t a
tHne^wbeh Australian

were- facing laixe&i^'rap^
lions pslheir aecdds^pvmseas

markets.'-.."-

Btitthe Govetnmcnriwnalaod
committed to a Winding-Sack; of
international tirade distoxtkms or
'all: kinds, and. would ‘press its'
views at rho Gatt .ministerial
meeting in Geneva in Nqvenber.

Anthony McDermott reports on Amman’s fears for the Gulf’s future

Jordan maintains support for Iraq

THE IRANIAN invasion of
Iraq has confirmed many of the
worst fears of King Hussein and
his Government A curious
indicator of the seriousness
with which the King is viewing
events occurred < recently. He
left for a seven-hour meeting
in Baghdad with President
Saddam Hussein but, exception-
ally. he was away from' the
Kingdom at the same time as
his brother and Regent in his
absence, Crown Prince Hassan,
who was on an official visit to
Turkey.

Reflecting the deep concerns
of the Government here, Mr
Adrian Abu Odefa, Jordan's
Information Minister, said that
the Iranians are seeking to
create in Iraq a Shi’ite state
satellite to Iran.

Mr Odeh said the Iranians
had pressed into service “Tens
of thousands of Iraqi deportees
of Iranian . origin and war
prisoners of the Shi’ite sect.”
so as to claim that any terri-
torial gains “have been liberated
by the Iraqi liberation army."
He added that Iran had already
selected Ayatollah Mohamed
Bakir Hakim to be head of the
Shi’ite Islamic Republic of Iraq.
Iran's intentions, he maintained,
were in the long-term “ to pump
Iraqi oil to repair Iranian
cities.”

Iran’s advance into 7 Iraq
appears to have as one of its

Jims cutting supply links with
Kuwait This underlines how
much Jordan, through its
commitment to Iraq, bas acted as
a strategic reserve for Baghdad.
The port of Aqaba in the south
illustrates this in economic
terms. Politically, the risk
remains strong that Iraq might
turn to Jordan for greater
involvement in the war.

As soon as the Iraq-Iran war
broke out in the autumn of
1980. Jordan took an initiative
rare for a country which
normally prefers just to react
to events, by pled£ng its
support for Iraq against Iran.
In doing so it aggravated further
the already bad relations with
its northern neighbour Syria.

A prime motive behind King
Hussein's support for Iraq was
his historical sense of the need
for Arab unity against oatside
foes — in this case the Persians.

Jordan has not done badly
out of the war. Early on, Iraq
banded over 35 captured M-60
tanks. Jordan had al-
ready profited from becoming
one of the main business centres
in the Middle East following the
1975-76 civil war in Lebanon,
bat the alliance with Iraq bas
brought further benefits.

Numerous contracts have
been* won. The Iraqi govern-
ment has invested heavily in
the expansion of Aqaba port —

improving the road links be-
tween Aqaba and Iraq — a rail-
way feasibility study and a. joint
telecommunications project..
Joint land and air freight com-
panies have been set up. The
two governments have agreed
to carry out a feasibility study
for bringing much-needed water
from the Euphrates to north
Jordan.

Iraq has been far more
generous in ks grants and aid
than required by. the terms oi
the Arab summit held in
Baghdad in 1979. In the first
year of the new alliance alone,
Jordan is reported to have re-
ceived aid of $300m and pro-
ject-tied finance totalling $140m.

Above aril* trade— direct and
in transit— with Iraq has
boomed.

The rise in. Aqaba port's
traffic has been spectacular,
largely reflecting its import-
ance for Iraq in goods ranging
from military vehicles to
regular imports. Aqaba's role
has been increased since Syria
closed its borders in April to
goods travelling to Iraq. This
left Turkey as the only .other
border with an accessible,
shared crossing point.

Between 1979 and 1981. port
traffic has - averaged an
annual rise of over 10 per cent,
reflecting perhaps the effects of
port expansion.. Traffic for the
first- three ffiontns of this year.

Vietnamese

Kampuchea

By Kathryn Davies- or Sbtgaport

was up by one-third, on the
same period: in 1981:/:

Imports .through : Aqaba
(and it is reasonable to con-
clude . from opaque official:
statistics that this means largely
reexports to Iraq) rose by over
90 per cent in 1981, and during
the first three months of this
year were still up comparatively
by over 40 per cent. .Were
Kuwait to be cut off. and queues
of trucks on the Turkish side of
the crossing point with; Iraq
sometimes over 60 miles long,
Aqaba- Will now: become an-
even more, important lifeline.,
for President Saddam Hussein. ;

MKNGUYEN CO-^ntACH,
the Vietnamese Foreign Mini-
ster, fia& reportedly -laid the
Singapore Government that
China must agree /to 'sign a
non-aggression pact with h&
country . before Mmi can
agree to a withdrawal of all
its troops from Kampuchea.

Following talks between .
Singapore Foreign Ministry
officials and a Vietnamese
delegation led by Mr Thu*.
Mr Scqppiah Dhanabalan. -the
Singapore Foreign Minister^
said that no significant pro
grass had been made towards
resolving the differences
between Vietnam and Aseau
(Association of South East
Aslan- . • Notions):. . over
Kampuchea.

Aseau does not recognise
the pro-Vietnamese Hen*
Samrln* administration * In
Phnom Penh and Instead 1
backs the “coalition govern-
ment of Democratic Kam-
puchea” made up of three
factions fighting „■ to oust
Vietnam's 180,000 troops
ftmthefr country.

: : Mr Thaeh said In Singapore
that Vietnam was making “ a
significant ' partial with-
drawal” of its forces. Includ-
ing battle troops.

AMERICAN NEWS

Senior state | Decline in U.S. growth rate feared

Department

officials

nominated

BY DAVID 1 A9CH IPS IN NEW YORK

By Anatole Kaletsky In
Washington

President Ronald Reagan yes-
terday nominated three senior
officials at the State Depart-
ment to work with Mr George
Shultz, the new Secretary of
State.

The top appointment,
deputy Secretary of State,
goes to Mr Kenneth Dam, a
longtime associate of Mr
Shultz In previous govern-
ment positions and another
academic economist. Mr Dam
will replace Mr Walter
Stoessel. a - career diplomat
who has made known his
eagerness to retire for some
time.

Mr Dam is provost of the
University of Chicago, an
Institution with which Mr
Shultz has extensive tics. He
previously worked for Mr
Shultz in the Nixon adminis-
tration, first as assistant
director of the office of man-
agement and budget (OMB)
when Mr Shultz was director,
and then executive director
of the council on economic
policy when Mr Shultz was
Treasury Secretary.

The two new undersecre-
taries of state nominated
yesterday also have economic
backgrounds. Mr William
Schneider,, who Is to be
under-secretary for security
assistance, science and tech-
nology. Is associate director
of OMB for national security
and International affairs.

Mr Allen Wallis, who will

be undersecretary for econo-
mic affiairs, is currently
Chancellor of the University
of Rochester,

Both these under-secretary
posts have been vacant for
several months.

The third undersecretary
post in the State Department
— political affairs — is re-
tained by Mr Lawrence
Eagleburger, a career diplo-
mat recently promoted . from
being assistant secretary for
European affairs.

What is notable about the
new line-up at the State
Department Is that Mr Shultz
has put experienced adminis-
trators with whom he has
close personal links into
senior posts and resisted any
pressures to include “ideolo-
gues" from the conservative
wing of the Reagan Adminis-
tration.

HOPES for an early recovery
in the U.S. economy seem to be
fading. f

The U.S. Commerce Depart-
ment will announce tomorrow
the. GNP growth rate for the
second quarter. Economists
expect it to show little change
and possibly even a slight fall.
The department’s original
“flash" estimate in June pro-
jected a GNP increase of 0.6
per cent.

Coming on the heels of a 3.7
per cent decline in the first
quarter, a fall would suggest
that overall growth of U.S. GNP
this year could be very slight,
given the uncertain prospects

for the second half..

The latest statistics have not
been encouraging. According to
the Federal Reserve Board,
Industrial production declined
0.7 per -cent in June, and the
trend in retail sales, ' capacity
utilisation, employment and
car sales have all been weak.

“Economic recovery remains
tentative," commented Morgan
Guaranty Trust in . its July
“ economy watch." It noted that
while interest rates have begun
to decline, they are unlikely to
fall significantly because of '
strong' demand for credit
for government spending
and private consumption.

Hopes of a stronger recovery
had been partly built on the
Reagan-mandated 10 per cent
income tax cut which came into
effect at the beginning of this
mouth.

But Merrill Lynch, usually
known for its optimism, warned
in its weeUy “business outlook"
yesterday: “ While almost by
definition the recovery is con-
sumer-led, a euphoric response
by the consumer- to the July
19R2 tax cut is not in prospect”

Merrill says it. continues to
believe that any. recovery will
be disappointing, again mainly
because of high interest rates.

Hie gloom is not universal, of

course. Economists at Citibank,
■who have been predicting for
some time that interest rates
would show a steady decline,
believe the economy Is poised
for a summer recovery, pro-
vided the Fed allows the money
supply to keep pace, and cuts
its 12 per cent discount rate.
The bank is counting oh -the
effect of the tax cut and a
growth in investment
Yesterday’s cut In the prime
rate from 164 per cent to 16 per
cent was encouraging. But the
move looked tentative, and some
analysts fear the rate could go
back up again if demand for
credit picks up too quickly.

Argentina
increases
prices in
state sector

Venezuela’s oil
nonopoly lowers
its sales target

By Our Correspondwt
In Buenos Aires

Reagan leads ‘budget balancing’ protest

ARGENTINA’S government
has announced big price
rises from public sector
corporations which threaten
to undermine the benefits of
wage increases given to state
workers at the beginning of
this month.

AY REGINALD DALE, US. EDITOR IN WASHINGTON

WASHINGTON has been the
scene of so many protest
marches and demonstrations
that a pro-Govemment rally
yesterday came as a surprise.
It was an unusual gathering on
the West front steps of the
Capitol, at which the leading
campaigner was none other than
President Ronald Reagan him-
self.

Unlike the traditional mass
marches along the Mall, Mr
Reagan's “ rally " was exclu-
sive. The crowd was less than
5,000, by invitation only, and
the elite demonstrators had to
produce a special pass, walk
through metal detectors, and

turn over their briefcases and
handbags for inspection.

The rally was the climax to
a half-day of events, organised
with the help of the White
House, which aimed to put
Mr Reagan at the head of
the movement for a constitu-
tional amendment requiring a
balanced federal budget in the
future.

Opponents, such as Demo-
cratic Senator Alan Cranston
of California, were not slow to
point out tiie irony of Mr
Reagan's campaign at a time
when he is presiding over
record U.S. budget deficits.

“ He is calling for a constitu-

tional amendment to require
him to . stop doing what he is
doing,” said Senator Cranston.

But presidential advisers
have decided to test
the political water, in advance
of November's mid-term elec-
tions. with' what they see as
forward-looking policies. An-
other that has been selected is
the Caribbean Basin initiative.

Both issues are to be the
subject of what are called
White House “ advocacy brief-
ings " to selected audiences
this week.

The idea is to focus public
-attention in new directions,
away from the seemingly un-

ending string of gloomy econ-
omic statistics.

To complete his budget-
oriented day, Mr Reagan finally
signed into law a $5.4bn
(£3.14bn) supplementary appro-
priations Bill needed to keep
various branches of Government
running until the new fiscal
year that begins on October 1.

He bad vetoed two earlier
versions of the Bill because
they were too expensive. The
White House said yesterday
that presidential firmness had
saved “ dose to $4bn " by
forcing eats in non-urgent
spending. ' >.

IBM computer secrets
summonses sent to Japan

BY' CHARLES SMITH IN TOKYO

JAPAN’S Foreign Ministry
yesterday confirmed that it bad
received summonses addressed
to the nine Hitachi employees
who are alleged to have been
involved in the IBM computer
secrets case, but who were in
Japan at the time the case broke.
A tenth summons addressed
to Hitachi itself has also arrived
at the ministry.

The summonses were handed
over yesterday morning by an
official of the U.S. embassy in
Tokyo. They require the people
Involved, who have been charged
with conspiracy to transport
fctolen IBM computer secrets
from the U.S. to Japan, to
appear to the San Jose branch
of the North California District
court by 9.30 am on July 22.

The Foreign Ministry said
yesterday it would require a
Note Verbaie from the UB.
Embassy as validation of the
summonses and that pending
the receipt of such a note it
would not hand them to Hitachi.

The Note Verbale is expected
to be delivered this morning.
The ministry says it is “ not in
a position" to give any advice
to Hitachi as whether or not it
or its employees should obey the
summonses.

Hitachi has so far taken, the
line that it will not advise its
employees to appear at hearings
on the IBM secrets case, even
if they receive summonses.

Yesterday Hitachi said It had
been advised by its UJ5. legal
counsel to make no more state-
ments for the time being.

Bolivian generals reject
plan for civilian rule

BY HUGH O’SHAUGHNESSY

THE BOLIVIAN armed forces
— facing national bankruptcy,
fearing civilian vengeance for
the excesses they have com-
mitted, and attacked by the
powerful Catholic Church —
have rejected a plan by Gen
CeLso Torrelio to resign from
The Presidency and turn the
Government over to civilians.

Senior officers are reported
to be planning a three-man
military junta which would
replace Gen Torrelio. Mean-
while reports that Gen Faustino
Rico Toro is seeking the presi-
dency for himself continue.

Last week Gen Torrelio
announced elections would be
held in April and a new presi-
dent would be installed in
August

In past weeks, Bolivia has
had difficulty ' in servicing ' its
foreign debt -and has made
. variola latje payments because
of foreign- currency shortages.
. Its long-term problems of
trade deficit and large foreign
debt have been exacerbated by
short-term difficulties in dis-.
counting bills issued by the
Argentine authorities in ex-
change for Bolivian natural" gas.

Bolivia has not yet come to
an agreement with the Interna-
tional Monetary Fond cm its
financial future though the
Torrelio Government decreed a
strict austerity programme In
February.

Exports are lagging behind
last year’s total and are ex-
pected this year to be less than
two-thirds of last year’s figure.

The higher charges Im-
posed over the weekend.
Include 20 per cent on elec-
tricity and gas for private
consumers and 30 per cent for
industrial consumers, 28 per
cent on public transport and
up to 30 per cent on telephone
charges.

Water and sewer rates went
up by 20 per cent and postal
charges by 26 per cent.

President Reynaldo Big-
none, the retired general
Installed In office by the army
on July 1, conceded over the
weekend that the price rises
were worrying but had been
expected. He is overseeing a
major shift in economic policy
away from the monetarism of
the six years since .the 1976
military coup towards a re-
activation of the economy.

Economists here say the re-
Sationary measures already
adopted by Dr Jose Maria
Dagnlno Pastorev the new
Economy Minister, cannot
help but be Inflationary. They
have included pay rises
ranging from 20 to 31 per
cent and back dated to July L
_ There Is an open recogni-
tion among the military
regime’s political - opponents
that the measures needed to
boost jobs will also posh up
prices. .

Argentina's second largest
political party, * the -Union
CMca RadieaL told its
plenary c ommittee meeting
on Sunday, that the infla-
tionary outlook wasjv bad.
Daring the next few weeks,
the economy would “have to
support a major Inflationary
impact," said a later state-
ment

However, the party avoided
outright criticism of -the
economic policies of- the ■
government In contrast -the -
smaller Movement for Iirte- t
gration and Development;
which also issued a statement
over the weekend, accusing
the government of 'intending
to’ use a promised - elections,
as an anaesthetic while con-
tinuing the same tude
economic policies.

BY KJM FUAD IN CARACAS

JUST SEX. MONTHS ' ago,
Petxoleos • de Venezuela

(PDVSA), Latin America’s
largest ~ corporation, was cele-
brating record annual sales of
$19.6bn. (£ll-3bn) arid predict-
ing an even better year, in 1982.

Then, the bottom fell out of
the market for the Venezuelan
state ofl monopoly, with prices
and exports falling dramatically.
At mid-year 1982, PDVSA has
lowered its sights considerably:
its sales are now expected to
come to around 1 $14bn as the
result of a $3.25 per-barrel re-
duction in average sales prices
and a 370,000 barrels per day
cut in exports.

The cuts have also pimped. out
PDVSA’s expectations of more
than $3bn in profits this year.
Instead, PDVSA will have to
make do with the 10 per cent of
pre-tax exports sales -that it
receives - under law to
cover capital investment
rea ui remen ts,

PDVSA’s determination to
maintain its planned $3.Sbn
investments this year; has led
it to dip into its investment
fund. This rose to SlObn in
1880, but has now been reduced
to around $5.5bn.

Further, there is growing
concern that the central govern-
ment, .which . has also- been
hard hit by The decline in' oil
revenues, which provide two-

thirds of budget financing, will
use PDVSA investment funds
far non-petroleum activities.
Assurances - by. President JUiis
Herrera Camp ins that this will
not. occur has failed -to allay
oil industry fears completely.

- Most observers feel that even
if PDVSA's investment, fund
untouched, the oil industry: wifi
not be able to replenish foods -
needed . to cover, investment

: plans- due- to prevailing world
oD .market conditions. They
believe that PDVSA, despite its
claims it will not do so. is likely ;
to seek additional funding • -in
international capital markets in
the near future.

Foreign borrowing, by PDVSA

- would further increase. Vene-

zuela's foreign debt; -which was
estimated at $19.1bn‘ at 1 the
beginning of the year. ’While
most bankers would be happy
to do;, business with the state
oil industry, foreign -debt bas
become a - major -political issue
in Venezuela. ‘ j

Meanwhile. PDVSA' has bee?
forcea'to trim operating, expedn.
tores by 10 per cent arid “ re-
dimension" major, projects,

. such as the development of' the
Orinoco -oil b'elt, . with-’-its ’one
■trillion - barrels of heavy ■ oil
This 'has meant eliminating,
plans for all new. Installations
that can be covered by_exi sting
infrastructure.

COMPARATIVE- FIGURES FOR 1982

Production
Exports ‘

Average export price
Export Income . .
Gover n ment , oil .income
PDVSA costs .

PDVSA Investments

.13* :

. TJB2*

1.79* .

(UAS)

■

3041.

» M

.- 19.7bn

Mbit

•

13.31m r - -

9.9b"

3L2bn ■:

z«»:

3>6bn .

3Abn-

* Million barrels a day.

i *

0 '

*15

BY ANDREW HSHER :

bo Water will. . close- tem*-
porarilv next month two big
newsprint mills in the U.& and
usttada, because'-, of over-
“padty ^ the U.S. market.

; The UK group's Calhoun mill
m Tennessee, the . largest, news-’"
friii 11 *. ln , Nor *b ' America.

T 1 4? 1 ' for ■** *>7.8 fro«

wimw 221 taki “A our - some >
30.000 tonnes of 'potentiafpiit-

PUt. .

•. The :,Cora«r - Brook ' mill In
. Newfoundland, will ’dps® J° r
three weeks from - . August 3.
: with ^production loss of 21000
tonnes.'- .

Bowstter’s . * decision . follow*
'.ffimBfr moves by other North
American, paper. ; companies,
affected by the ' problem - ri
excere .capacity. ' Major forest
products groups in the construc-
tion- sector have also suffered

K

A

«.

\

i

Financial limes. T.acs-Ji;^; -July; 20 J&32

low#

arset

r

Lastyeai; theDateun Cherrywas again the best sellingtraditional many other fine products, from rockets for launching satellites,

imported car hi Britain - by a big margin! It is such a successful
world car that the extent of its qualities is well known . . . very
reliable and economical, fully equipped, and exceptional value
for money by any standards. But there is one other fact about the
car which we would like you to know - that the Cherry is made,
and always has been, by theMSSANMotor Company. Nissan has
been manufacturing Datsun cars for over SO years and some
famous names have been established, like the Sunny, the Blue-
bird, the Stanza; the 280 ZX; and so on, in addition to the much-
loved Cherry. All these carsbenefitfromtheimmense resources
of a company which is the third largest vehidemanufacturez* in
the world and a pioneer in the most advanced automotive
technology.. Nissan produces 2,5 million vehicles each year for
over 150 world markets, from the scorching Middle East to the
ice cold dimates you find. in Scandinavia Nissan also produces

♦Based on 1981 production figures.

to marine engines and boats, and sophisticated jet loom
machinery far weaving. So the Cherry front wheel drive
hatchbacks, estate and coupe, with 1 litre and 1.3 litre engines,
have gained their reputation in two ways - through the high
technology acquired by Nissan and used in their production,
and through millions of owner-miles the world over The
Cherry gives outstandingreliability because NIssanmanufacture
to perfection and assemble with scrupulous care; double
economy because you save through sheer dependability as
well as through fuel effitient engines; and genuine value
because the Cherry, like all Nissan cars, is a complete motor
car at an exceptional price. The Cherry, along with all the other
fine cars manufactured by Nissan, is at your dealer now. Nissan
design them, Nissan build them and Nissan present them to
you with all the confidence in the world

I0SSAN

4

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lamps, eta {Inland delivery, number plates and road fund licence extra.)

Datsun UK limited, Datsun House, New Road, Worthing, Sussex.
TeL Worthing (09 03) 6 85 61. .

6

Financial Tiines Tuesday July 20 :l®2-

WORLD TRADE NEWS

India approves telephone
deal with CIT Alcatel

AEG-led | In Taiwan, ways round import bans are easy to find, Bob Kii^ieiKffts

group set
for Tornado

Trade embargo strains

BY K. 1C 5HARMA U4 NEW DON!

THE INDIAN cabinet has
approved the controversial
S200m (£117m) deal with CIT
Alcatel of France, on setting up
an electronic telephone ex-
change factory in India. The
contract is expected to be
signed soon.

Nine other bidders are under-
stood to have protested strongly
against the award of the con-
tract to CIT Alcatel, claiming
that their offers were not
examined before a letter of
intent was given to the French
company in mid-May. Among
the bidders were British Tele-
com, which offered System X,
Nippon of Japan, and Ericsson
of Norway.

The bids by the 10 com-

panies, including CIT Alcatel,
were made in response to a
global tender floated by the
India* Government as part of
a major scheme to modernise
the country’s obsolete telephone
system. After the bids were
received in March, it was an-
nounced that the offers would
take at least six months to scru-
tinise.

Protests by the other nine
bidders have been rejected by
the Indian Government which
says that their offers are still
valid since they are to be con-
sidered for another electronic
telephone exchange factory to
be set up.

The Government contends

that all it has done is award
the contract for the second fac-
tory before that for the first
factory.

CIT Alcatel won the contract
because of the French Govern-
ment's offeT of low-interest ex-
port credits for nearly half the
cost of the factory. The remain-
ing amount is expected to be
raised in Eurocurrency loans.

The French company is to
set up & factory to make 500,000
lines as well as to expand the
capacity of an existing factory
in Kerala state from 10.000
lines to 150.000 lines. The
other factory, for which the
bids are still to be examined,

will be of another 500,000^11116
capacity.

radar sale

Chevron given
continental
shelf contract

British consultants in

£60m mine project

Bj r Our New Delhi Correspondent

CHEVRON International of
California, which has been
awarded, the first contract to do
exploratory drilling for oil in
India’s continental shelf, is to
enter into a partnership agree-
ment with two other companies
for the work.

The two are Ocean Dr illin g
and Exploration Company of
the U.S. and Hispanoil, the
Spanish state-owned company.
Chevron has undertaken, to
invest 928m (£16.4m) in the
first three years of drilling
operation in what has been
named Saurashtra Offshore
Block 11 in the western con-
tinental shelf.

Chevron is to seek the Gov-
ernment’s consent soon for a
25 per cent share in the project
for each of the two companies
which are expected to put up
part of the finances and offer
technical help.

Chevron has undertaken to
drill at least three wells in the
18,500 square kilometre off-
shore block and has the option
to continue operations for
another two years after the
initial three-year phase.

The Indian Government is to
soon, seek a second round of
bids for exploratory drilling in
the continental shelf

BY OUR NEW DELHI CORRESPONDENT

BRITISH mining consultants The Riband project is 'also
have been awarded a £60m con- to he financed by British aid

tract for developing a coal mine and British Government - 1
at Amolori which is linked to a guaranteed export credits, and !

£300m “super” thermal power Britain bas-tbus won two major
station at Riband in Uttar turnkey projects in India since

Pradesh state, also to be built the Government opened a mxm-

by a British consortium.

ber of developmental projects

The British Government will to foreign bidding.

provide atomdtoft^cepruru Howeveri a major loss ior

chase of the equipment for the Bn^ S year was theTl.Sbn

steel plant 1 5 be built in OrS?

state, ^e letter ofiotent given
ernment - guaranteed export t0 Britain’s Davy McKee ontfcas

oIvrtctr.M-rinT, D yw* was revoked last May amid con-

o«r term, of fl.e cod-

By Kevin Done in Frankfurt
A GROUP Of six West Euro-
pean electrical and elec-
tronics groups, under the
leadership of AEG-Tele-
funfcen of West < Germany as
general contractor, are set to
win orders totalling DM 800m
(£168m) for radar equipment
for the Tornado multi-role
combat aircraft.

The first order was signed
last week by AEG with Pana-
via, the joint venture of

Messersehmitt-Bolkow-Blolijn,

British Aerospace and
Aeritaiia which are respon-
sible for building the Anglo-
German-Italian fighter air-
craft.

The first contract was
worth DM87m. In total
Panavia is planning to boy
500 navigation and terrain-
tracking radar sets foe
delivery up to 1988. The
West German forces have
ordered 300 Tornado aircraft

The biggest share of the
work has been won by AEG
which expects to book 34 per
cent of the total contract with
Siemens taking 11 per cent
The British groups involved
are Marconi and Ferranti
along with Fiar and EUet-
trozdea from Italy.

The order comes as a sig-
nificant boost for AEG, which
is in the final stage of nego-
tiating new temporary
liquidity help from its con-
sortium of West German
banks.

WHAT DO consumers do when
the Government bans imports
of foreign-made, high-demand
prestige items not available
locally? Do without! Not in
Taiwan!

Most would be content to do
without the prized goods; bat
in Taiwan such a move is
I merely an invitation for im-
porters to tap Into the already
flourishing black market
' ■ When the Economic Affairs
Ministry decided earlier this
year to underline its displeasure
over massive and continuing
annual trade deficits with Japan,
it banned over 1,500 consumer
items — including televisions,
appliances, and fast-selling
video-tape recorders — from
entering Taiwan. Naturally
enough, some Taiwanese entre-
preneurs sensed a chance for
profits and sought ways round
the ban.

In Taiwan "ways round" are
easy to find, and it was not long
before container-loads of
Japanese goods, especially
video-tape recorders, began
arriving at this island's major
ports. The containers were
accompanied by bills of lading
describing their contents as
scrap iron and other worry-free
commodities.

- Nearly 500 newly-arrived
VTR's turned up a month or so
ago when police raided one
establishment in Taipei. A more
recent raid elsewhere in
Taiwan uncovered others. But
it is not clear how many other
VTR’s — and how many other
banned items — have escaped
the customs net.

But, smuggling aside, it also
is not clear whether TarWan’a
ban. on imports will have any
significant effect on Its trade
deficit with Japan, which last
year totalled more than $3.4bn
(£2bn) on total two-way trade
of shout 98.4bn. Although
exact values of imports of the
banned consumer items last
year are not available, foreign
trade board officials have said
the imports were worth around
$100m-Hw extremely small per-
centage of Japan's total exports
of these items, . .

Underlying the relative dollar
insignificance of the Ministry's
ban, major ' Japanese news-
papers took, scant notice of the
action at the time. One
Taiwanese publication featured
on its cover a depiction of a
massive Sumo wrestler holding
a failing Y. T. Chao, Taiwan’s
Economics Minister, well out
of range -and murmuring "let’s
talk.”

Japan’s overal view of Taiwan
is not clear. Japan maintains
representation in Taiwan
similar to the American Insti-
tute, the U.S.’s substitute for
full diplomatic recognition.
Japan recognised the mainland
China Government at the
expense of Taiwan in 1972. But
on the surface, at least, trade
appears to be the only tangible
link between the two countries,
and it can be assumed that the
trade embargo is - straining
whatever other relationships
exist below the' surface.

The Government has in re-
cent years called for the
Taiwanese voluntarily to buy

fewer Japanese goods, and
has afao asked Japan to buy
more Taiwanese wares.

Taiwan consumers are not
especially, partial to Taiwan-
made goods. They .consider
Japanese products— both' ingas-
trlal gnd consumer— to' bo high
quality, and do not m in d pay*
tag: higher prices. Industry in :
Taiwan • prefers Japanese
maddnery rather than the '&&-
or European varieties -because
prices are generally lower.'

Mr Iim Yong-Kang, ' the In-
terior-Minister, said In an iateri
view last week that Taiwanese
industry appears stuck in tran-
sition: It continues to try. to
make low-quality goods, but the
low-cost labour that formerly:
made that type of operation
profitable no longer exists.- At
the same tune, Taiwan is not
yet able to make sufficiently,
high-quality .goods to compete
with those of industrialised
nations. such- as Japan or the
U.S- !

precedent .the Ta twines* bM
W sot than. Iboui the md c
dollars, lost.

-Japanese official*, it

that otbw natiwj* witb'mare"

Nevertheless, the preamp i s
on the Ecoftootin.
find Its- • way . oat: bf-: ifo
imbroglio. A .senior -Taiwan

Government ^

cwunple, was (QpomdlyfeehUai
•of the in- a

briefing ‘glvea; fcv lispwi m
recently. And a t8»u i aeWa re-
port quoted a 'Gwammeat
. official as saying Taiwan*, yks
prepared-' to back dfera jft'fiie
ban IT the Japaa&B - sfem

•f shweri ty.“ '• r •

A delegation of metoftere of

the ruling Ltheral Dwjorratic
Party arrives to Taipei today ^
part of iw

is the first irifcto qffiefe* mission
since tho seyering.irf^lste®si e
relations, v; u r : .i • >-

On the- agenda ; t*gk$j>D
narrowing. - tbe : :' tiwe
Whether or not the talks vv-lii
jpesult . in * *£.- the"ban

•on consumer ltiaoi^a ^incfear,
but a wrlJ-pWwJ n^^ said
last week trrat.

Minister IS almdjt'infj^vbuf of
■ending, ah

of Japanese-mp4o;^iMvy tturieu
-and buses im po s ed ' earlier ibfa
rarear, to. ':pnrtp». ; .: -Xtimifr
fledgling .heavyrVHrtlAtteindusuy.
- But ;whfc*ev« - actioha^ r^re
taken ontheben^ .it seems
rlikely that the- trade -ihffialance
"will continue-

The -Japanese themselves feel
Taiwan does not produce the
kind of goods quality-minded
Japanese consumers want to
buy. ’

Taiwan was perhaps more:
stung by Japan's seeming un-
interest in doing something
about the mounting deficit than
the deficit itself. .Indeed, the
Government has. indicated that
the ban on consumer items.; willv
be lifted When .the. .Japanese
show " sincerity in trying to-
solve the deficit problem. .

For its part, japan Is prob-
ably. more worried ; about the

through Eurocurrency loans
raised by Lazard Brothers, the
British merchant bankets.

tract

The British financial package
arranged for the Orissa project

Swedes sell ore to
CockeriU of Belgium

Japan applies full tariff on Taipei resins

British Mining Consultants, I s still partly open, and Davy 1
the consultancy wing of the McKee and Lazards, which

National Coal Board, tvs long- organised the Eurocurrency
established links with - the loans for it, . have indicated

Indian mining industry and has their interest

played a key role in the intro-

duction of longwall mining tech-
niques and modern open-cast German TVs for Malta
mining equipment m India.

The 1,000 MW “super-” ther- Gmudig. the German TV manu-
mai power station at Riband, factoring concern, has been

which the new coal mine will chosen by Malta .as partner in
supply, is to be built by a con- a TV assembly venture wh-ich is

sortium led by Northern En- scheduled -to come on stream in
gin ee ring Industries {NEI) of the next two months, Godfrey

Britain under an agreement Giima writes from Malta. The
signed following the visit of the company. Magru Vision, will

Indian Prime Minister; "Mrs build dose to 12,000 colour TV
Indira Gandhi, to London last sets a year for the local and

March.

export markets.

LKAB of Sweden and Its
subsidiary Compagnie des
Minerals Suesdois have
■finalised an agreement with
Cockertii-Sambre SA and
Clabeeq SA of Belgium for a
three-year contract covering
export from Sweden of 5.5m
tonnes of phosphorous iron
ore, Reuter reports from
Brussels.

The price is to be renego-
tiated annually but will prob-
ably start at about $20 per
tonne. LKAB is likely to
apply to the EEC Commis-
sion to obtain a European
Coal and - Steel Community
credit to help finance its ore
production.

BY RICHARD HANSON IN TOKYO

JAPAN HAS started applying
the full tariff on certain plastic
resin imports from Taiwan,
which have already exceeded a
yearly ceiling on such imports
under a special preferential
tariff programme.

The Japanese petrochemical
industry, iQ the midst of a
severe depression, apparently
put pressure on the Ministry of
International Trade and Indus-
try to apply the normal tariff on
polyethylene, poly styren e, poly-
propylene and polyvinyl
chloride from Taiwan.

MXTI has the option to do so
under the roles of its preferen-

tial tariff scheme If imports
from one country exceed , half
of the annual global generalised
system of preferences quota. .

Taiwan's exports of those four
resins total Y2.46bn (£5.5m) in
April and Kay alone; the first
two months of the fiscal year.
This figure is greater, than -the
Y2.26bn estimate for 50 per cent
of this year's global quota.'
Taiwan and South Korea are the
two main supplies of Such resins
under the quota. South Korea'
is also nearing its limits. "

Imports of -the: resins fromr
Taiwan have risen sharply
partly as a result of price

advantages over the domestic
industry tit /Japan created by
exchange rate movements.

The Japanese petrochemical
Industry is already operating
far below capacity. Moves are
afoot to cut batik drastically on
production capacity. and
rationalise the industiy.

According . to MTTI, Taiwan
hai not yet complained about
the move. Under the GSP, the
resins in question- were
imported with no tariff. From
July qd valorem duties -have
been applied. .

. When -a high level trade,
mission from Japan’s ■* ruling

Liberal Democratic Party, -.fed
by Mr Masumi Estiki, ia
Taiwan today to help patc&»p
ties, it is believed Tahrah *gi
agree to: relax its bunion
imparts of about ' 1,535 '- ao
sumer products from V^aiiV
; The government may
announce s langexpectai &&
sion on establishing a jttnt
venture with a Japane8e_com-
pany to produce passenger <anr
in Taiwan. -\* '

...-.Toyota Motor, Japan's mm-
ber one car maker,- ia-saiif
.have been selected for 4be
^'venture.

Rand Mines Limited

Ten countries In shipping

protest to Indoneiaa

A Member of the Barlow Rand Group

Gold Mining and Colliery Company Reports
for the Quarter ended 30th June, 1982

(AH Companies incorporated in the Republic of South Africa)

Office of the Secretaries of the undermentioned companies in the United Kingdom : 40, Holbom Viaduct London EC1 P 1 AJ

HARMONY GOLD MINING

COMPANY, LIMITED

DURBAN ROODEPOORT DEXP,
LIMITED

EAST RAND PROPRIETARY MINES,
LIMITED

ISSUEO CAPITAlj R1 3 442 325 IN 2fi S04 GSO SHARES OF SO CENTS EACH
REPORT or THE DIRECTORS FOR THE QUARTER ENDED 30 TH .JUNE, 1982
OPERATING RESULTS— Qoartar Quarter

ALL PRODUCTS ondM ended

Ora naWod CU:

Gold — produced 1X8 1 ;

— rlrid igfti:

Uranium pul, ironed Cu: .....
— oxide produced (kg): .

— -yield Ikgiu:

PyrKe— concentrate recovered CD:
Sulphuric Add— produced ID: . ,

Total Revenue (Rit mllledj:

Total Cow CR't ml I led i:

Total praAt lR/t mlilod):

Gold once reedved (R/kgi: .......

FINANCIAL RESULT^ (000*1)

ALL PRODUCTS

Revenue — Gold. Silver and Ountridlum
— Uranlom. Pyriio and Sulphuric add ....

30^.1 9C2
1 932 BOO
7 931
4.11
1 655 000
148 100
0.089
22 970
31 896
54.19
41.22
12.97
T1 704

337

Quarter
ended
31.3.1932
1 927 aao
7 672
3.98
1 668 QOO

143 190
O.OOfl

23 645

24 947
35.47
40.66
14.81

11 594
365

ISSUED CAPITAL! R2 323 OOO IN
REPORT OF THE DIRECTORS FO
OPERATING RESULTS

SHARES OF Rt.OO EACH.

1 THE QUARTER ENDED 30TH

R93 070
R11 BIB

RB9 127
R17 777

Ore muled tU:

Gold produced (kgi:

Yield igiti:

Revenue (Rit milled):

cost (RJt nulled): .

Profit (Rit milled):

Revenue (ROOD'S):

Cost iROOO-sl:

Front (ROOO'sl:

Gold price received rR/Kgi:

CSjfotJ-

FINANCIAL RESULTS (OOO'S)

Working Profrt — GoM . . . :

Sondrr revenue »ne*i:

State assistance claimed — see note. .

Quarter
ended
30.6.1982
570 OOO
2 099-0
3.68
42.74

Quarter
ended
31.3.1982
559 OOO
2 1 04.9
3.77.
44.01
40.90
5.11
24 802
22 865
1 737
11 663
567

JUNE. T9SZ.
6 months
ended
39^.19S2
I 129 OOO
4203.9
3.72
43.37
40-57
2.60
48 964
45 769

3 7 tS

11 «SO
3*1

ISSUED CAPITAL: R5 344 OOO IN SHARES' OF R1.00

™* directors for the quarter

OPERATING RESULTS

Ore milled (tK
Gold produced I

Gold produced Ocg):

Yield tala:

Revenue ify: rajlledn

Quarter
ended
XOA.t982
654 000
2 770.6
4.24

Cost iWt mwedw

Produoass) CRrt milled): ...i

Revemie (ROOD'S):

Cost (ROOO'&i:

PraflUCLovi) OUTOO’si:

Gold price received (RJfcgj:

FINANCIAL ■ RESULTS (000'S)

WorldnB proBtldosaJ ......;

Sundry revenue (net*:....

State assistance overdaimed In 1981
State assistance claimed— (see note) . .

R3 165
.m 367
R1 968

BACH.

ENDED TOTH
• -Quarter

VHUC1I

31 J. 19 82
611 OOO
2 404.7
3.94
- 45.92
S9.12
(1 3.20)'
2S 057
36 124
(S 087)
11 844
363

JUNE. 1982.
6 months
ended
30.6.1962
1 265 OOO
5 175.5
4J>9
47.17
57 JO
I10J3)
59 675
, 72 743
(12 068)
11 509
343

Total revenge
Costa

R104 688
R79 639

Ml 06 904
R78 360

Profit before taxation
Taxation

(R5 ODD
Rim
(R695I
R7 905

(Rll D67)
R1 278

<R1 3 0681
TU 514

Working profit
Sundry revenue — -net

R25 049
R2 620

Profit before taxation and Stew'a shore o »

BfO«l t ■ a - ■

Taxation and Slate's ahara or profit (see note)

R2B 544
R5 926

Profit after taxation
Capital expenditure .

Profit before taxation and State’s

share of profit'

Taxation end State's share of profit . .

R27 669
R349

Profit altar taxation and State's share of profit

R34 470
R12 747

Capit al expenditure .................... Ri 8 sos D1 n Ta .

Dividend declared Rio bps ri a 3|1

Loan levy refund .1973)

CAPITAL EXPENDITURE *

Tnyrc aro tammitmcip for capital expenctUure amounting to RB 334 OOO. Capital

*LH«nenau mll,,0ft *** TWOrte<1 0,1 |B mor * detail in tlic annual financial

HARMONY 4 SHAFT COMPLEX

start inmia" July?** 1 co,lar 13 con,oleta « n «* »lnl(ina at the planned rate is due to
Tl| e ^■dilation shaft wax sunk 32 metres durlrq this quarter to a total

- „ TAXATION AND STATE'S SHARE OF PROFIT

wocnditure In Mvo quarter ended 30th June. 1982.
a ,> Tiaiiii*ty n tar ran-mining tax. T “ S,i “ S Share ° ro0tJ - TBere ' “ h «^'

capital expenditure RS 860 rs 048 Rio 903

DIVIDEND

It was decided not to declare an Interim dividend lor the rear ending 31 st
December. 1962.

CAPITAL EXPENDITURE

Tm rate o« a ponding on capital prelects ■ win be adjusted whererer possible In
order to conserve cash resources.

Thera are commitments tor capital ocpenOKure amwmthia to RS 1 DO QOO. The
estimated total capital expenditure lor the remainder of the current financial year

la RB.0 million.

STATE ASSISTANCE

The Government Mining Engineer has provisionally approved capital expenditure
of R5 534 000 to be Incurred during 1982 as qualifying for State assistance under the
Gold Mines Assistance Act. 1968.

For and on behalf of the Board.
D. T. WATT iChalrmaiH i
H* ■ G- fiaOSENTHAL f Director)

9«h July. 1982

Profit after ' taxation ana State's
share of profit

Capital expenditure *5392 R7 318 R12 710

DIVIDEND

— - i*. -ggeided not to declare an Interim dividend tor the year podlnp 31st

WKcHWor. 1 box.

- i- -a; CAPITAL EXPENDITURE

“"I 1 * 1 «Pdfld*ure amount Ino to R11 618 000. The
IS^RI 3J5* mmSn.^ 1 *^ W««dlture lor tba remainder Of the esrrat fiiteoaU) year

_ . . . UNDERGROUND Ft RE

rtnrirrt^Tirt . ^'P 1 . referred to In the report for the quarter

ViSr P rodtrctton to « limited extent during this

quarucr. Prodttctlon from ttie aftaetc^ area ^ Mas resumed on 14th April. 1982.

_ En u Inter has provigionaUv approved capital expenditure

Se B <^d”fiS^4Si^ c S3fi d ^ 1M2 a * s-ff’-E UESH8&

JAKARTA — Britaitt and sane
other West European, countries
we protestmg to . Indonesia
about a new policy roquiriag
aH Government cargoes In be
sbapped' la Indone^m wraseiSr
diplomats sarid yesterday.

• A sbroogiyATOirded Note to be .
deirvered to tiie. Foreign'
Ministry inday says tbe poUcy .
“ constitutes a sjgoBjfkant depar-
ture from tbe principle of equal -
treatment on wftsicb commeidal;
shipping rotations with : the "
Govenomeart of the Republic of

Indonesia have traditionally

been based.”

Use other cMUttries are West
Germany, tine Netfoecrtawts, Italy,
Denmark, Sweden, Belghnn,
Fkdaud, Greece and Norway —
adi nwnhftite of the Organisation
for Economic Cooperation and'
Development. Japan and the TJB. -
have already protested. ~ •

Shipping industry . officials ,
estimate that ah fflTt 20 pcsr'oeint/
at- cargo from Europe td
Indonesia nd as much as 45 per .
cent of freight in the other
direction could he . construed as'-
Indonesian Government cargo^ -
the latter induding a large;,
amount of raw materials such as
rubber from Govermnent-<nm
piarrtataons.

However,' industry' officials;

said tbe real target of tbe tef
poiocy is ihe U&-&ykrawa
freight market, where : hicto-
:‘nesuin vessels _ only wn
around SM) per cent of the totsL

The diplomats said - Ftaa«
had been invited to ^Jte the
protest; - but. its ■ embassy in
Jakarta safd It had Tecdvedm
instructions from Paris on Cte
subject. r-f-

France’s Feroi^i Trade lunie
iter. M Michel. Jobeit, a under
stood to have raised the pev
regulation on a visit to Jakarta
eariier this month. };

\ The policy has also drawn J
protest from foreign
who say they stand to Toee busi-
ness worth millions of doUan.

It orders that all export soil
import commodities nmst be
carried byvrasels operated" W
Indonesian shU>l»rs. Tbes/t ti -
dude imports financed :by A* *
riate budget,; ihekiding i
paid for by roreign aid, as_W
as commodi ties owned' ny staff-
run commercial bodies. . -- .

However, It is not elear
She Government-- tatenfe- to do .
with -shipments by -the stale .
cOTapany, Pertamina. Somf ^
per -cent of Indonesia’s pH. is «
.present carried by:. - : ®w ;
3hdonesian-fiag ■••*•; ~ ■

Bfettter

9»jBb’..1S82

For and on behalf of tbe Board.
D. T. WATT 4Cba4rmama \ '■ ■ ■ '

H. G. MOS6NTHAL. >

Doubts over Malaysik,
East bloc barter ties

9th July. 1989

For and on beJiatf at the Board.

D. T. WATT • •Otilrmant I Directors
C. G. KNOBBS / U recrDrS

BLYVOORUITZICHT GOLD MINING

COMPANY, LIMITED

ISSUED CAPITAL! R6 OOO OOO IN 24 OOO
REPORT OF THE DIRECTORS FOR THE
OPERATING RESULTS

MO SHARES OF 25 CENTS EACH.
QUARTER ENDED 30TH JUNE. 1982.

Ore milled W:

Gold produced (ko):

VleW tat):

Revenue ittjt muled):

Cost iRt milled'"

Prefit (Rit mliledi:

Revenue IR0OO'»>;

Cost (RDDO'SI! '

Profit (ROOO's):

GoM price received (Rlkai:

iSihtt):

Uranium oxkte

Pulp treated ft):

Oxide produced (fcei:

30.6.1982
$62 000
4 873.7
8.67
100.70

54.00
46.79
56 641
30 345
26 296
11 598
333.

Quarter
ended
31.3.1982
549 Odd
5 OSS -I
9-21
105.44
51.63
33-61
57 837

28 345

29 S42
11 436

358

WELGEDACHT EXPLORATION
COMPANY, LIMITED

WITBANK COLUERY, LIMITED

Yield ifcB/ti:

FINANCIAL RESULTS (OOO'fl

Woridna Profit — Gold

Working Profit — Uranium Oxide

Sundry revenue (expenditure ) inttB

467 8S1
69 301
0.148

ISSUED CAP HAL : R4 090 813 IN SHARES OF 4 5 CEN TS EACH

RETORT OF THE DIRECTORS FOR IVE QUARTER ENDED 30 JUNE. 1982

ON^ntE^KRATIDNS OF THE COMPANY AND ITS. WHOLLY-OWNED

OPERATING* RESULTS Quarter . ,'jb Quarter

- • ended ended

3D.G.19S2 31 3 . 1982

Tons sold •metric 597 asd gq9 io4

Weridnfl Profit— cents per ton ! . 394.1 ' . 505-0

FINANCIAL RESULTS IMO'a) .

WorNino profit . . R 2 356 . 03 qtk

Net ritHwav revenue . R 5 . 1 B • RS 2?S

Net umdrv revenue • • OtoSi ^

ISSUED^ CAPITAL ! RI3 S31 4S4 IN ORDINARY SHARES OF JU EACH ■'
REPORT OF THE DIRECTORS FOR THE QUARTER ENDED 30 JUNE. 1982

??osmiA R S RATr0, “ " »««Nr™ D TimpS£

KUALA .'LUMPUR — Malay- stimdavds. . - - - * • • M
sia’s ' Prime Minister . recently .. One 'lovermn'ent offioat sai** ^
said his. Government is study-, tfiat ea;*th-mbying 'ma riim w-tB
ing the possibility of barter- rSoviefe ‘ . .once- .'donated^, lo* ' ,
trade with' the Conannnist bide. Government -project ar
but local businessmen • • and western Malaysia broke W"™ ■
diplomats see little prospect for.: soon after they wew jw} to'isj .
change In the current strong, and with no spare-pans Jus*™- 't.
trade, links with the WesL ' • - . the -machinery was abandon^ . ,

- Prime Minister Miffiathir / Emotion- •*.
Mohamad said last week barter jngand exhibitionstene^^

OPERATING RESULTS

Tons SOU— matrlc

World ns Profit— cents ear ton

Quutef

SOJfi.1982

Quarter
. «MM
31.3.1962

iu.uiuuuau Bitiu iui wees, uauoi V T , — 7 t>.i .iur«riafil-

trade would, help over com ethe .to .break into

a 394 113

7M4

444 515
74 346
0.167

PROFIT BEFORE TAXATION
Taxation

FINANCIAL RESULTS (000'S)
World us profit . .........

Net sundry revenue

3 079 748
763:4

iraue wuuia.ueip u»vicuuie uie T ’^.(4

foreign ■ exchange " proWems oriwdated raarket ^said. .soi^ ^
faced by Communist nations In uuamessmeu. _ .w \

East Eurone.. Mateysla already • others _pointe^.

East Europe. Mateysia already
has some trade links with the

ns 638
(R14£)V

R24 126
1R2441

itsB atiiiie mac- mu. -will. .»« S®

Soviet Union, Bulgaria. Czedio- I'

Slovakia; East. Germany,. Hun- Arc .

gary. ■ Poland, Romania and VF 15 ™ r eshraiuon ^ j
■Y^laX ■ ' « years ago., bttt did Mt.nnW |»

But noo-Communlst' diplo- - an ? ' j ' *

mats andifordgn and Malayaiah ,?3 d S& 1 - •

businessmen ray the Govern-'
ment will .face a numbed Of

problems- in promoting the pro-. £SSj r '|ES5n l ^S&'
posed barter trade. Communist nnf there ^ '■

although they rari bepurcbas®J- > <

aftSS^sSlce^ t ^ v ^ ue: > ;

J*- esc^itive .'of a banned

conrern with trade contorts in jialaysia • and Malaysians •'•
East Europe said his <»mpaBy , »' . | )e pn%d- Tor'many^^S Coo*
machinery andequipraeat could' bad araditsproduc^

marketed m,S&laySa, but v-'cSj^nEd a South Kore^ *,>
k modelled: to standards in ‘ _• • ; - :> t

f^dSSvJ 1 ^ 011 ' ; Headed that-KUW*!?**?^ 8 -

industry is modelled after. : qua Hty<onscious and •bran* -
stamiards. conscious

iriiJSHJ 513 w is prestigious ‘ to , drive jj - v.

R26 236

RI 69fi

1RT71J

R29 542
RS Oil
RI 474

PROFIT AFTER TAXATION ....

PROFIT BEFORE TAXATION
Taxation

R26 483
R4 719

K2X 082
■ RI 285

Profit before taxation and State's snara of

nrofit

Taxation and State’s share of profit

R2TB2S
R13 590

R3E 049
R22 225

Capital expenditure . . :

Grilling and exploration (included

id net sundry revenue)

Dividend declared

PROFIT AFTER TAXATION-.,

Profit after taxation and State's share of profit

Capital expenditure """HSTSi K 3 557

Dividend declared R21 GOO

Loan levy refund i197S) — & 1 522

DIVIDEND

Final dividend No. 73 of 9o touts per share was declared on 7th June. 1982
payable on or about 30 Ui July. 1962 to shareholders registered 4t the dOtt of business
on 25th Jana. 1982.

CAPITAL EXPENDITURE

There are com ml menu for capital expenditure amounting tn Ri 483 000. Cacftsi
expenditure for Inc financial year ending 30th June. 1903 is provisionally estimated
St R15 million and will &* reported Oh in more octall In the annual financial
statements.

TRIBUTE AGREEMENT WITH WEST DR IE PONTE IN GOLD MINING COMPANY.

LIMITED

In terms 01 a tribute agreement between West Drlefontoin Geld Mining Company.
Limited- and this company, concluded on 9th November. 1979. royalties amounting
to R2 590 000 *rv due tq that company for the quarter ended 39th June. 1982.
This amount Is Included in "Sundry reven'w i'*»o»nfliiure' — met'."

GENERAL

The reduction In the goto yield for the quarter wa* duy to a drop In tonnage
mined from the West Dricfontetn tribute area. Tonnage from this arm wiH
progressively Decrease as mlnmo thereof approaches completion.

For and on behalf at the Beard.
D. T. WATT - (Chairman) I Directors
J. R. FORBES ( O,rec,ori

BtH July, 1W7I

CAPITAL EXPENDITURE

r ,?T “Bilal Mpendiuire amounilnq to Rfi.goo 000. The
!? H R 6^773 ooa. & «pen<l«ure for the remainder or the current financial year
GENERAL

Woriclno profit dropped ns ■ result of lower export rea 11 Ions "which vary
depending on the contracts serviced during we quarter;

For and an behalf si the Board.
A A. SCALEY (Chairman) I

9th July, 1982 R. 8. MACGlLLlVRAY (Oeputy Chairman) t DhXCtOr.

Capital expendltwf — (grocs) ....
AddlSonal investment In Omiha
included In Capital Expenditure
Exploration expenditure — (Included
lb net sundry revenue)

□iwiciena declared

• . R271
R11 805

_ ' CAPITAL EXPENDITURE

There are commitments lor cacttal expenditure »m panting -to R 102 - 4 17 oog.
The estimated total capital exsendltiire lor the remainder of the current financial
.year Is Rao 388 000-

9th July. 1982

For and on behalf of the Bawd-
A. A..SEAUY l Chairman 1 1

R. 8. MACGlLLlVRAY (Deputy Chairman) } Directors

GENERAL NOTE

All finandal' figures are sublect to audit.

Copies of these Quarterly reports are obtainable from the United 'Kingdom
Registrars and Transfer Agents, Chatter Consolidated PX.a. P.O, Box Nd l6k
Charter Rouse, Park Street, Ashford, Kent TN 2 f 8EQi> . •>,'

modify niodels./ diid a P

Financial Times Tuesday July 20 1982

f \

\j- a

m

take lead

BY RAY D AFTER, ENERGY EDITOR

THE Government' is to day
urged to take the lead in press-
ing for a more effective energy
policy ■within the European
, Community.

A paper published by several
leading research - institutes
• argues that the UK should sup-
port a flbiHj-year Comxmrmty
■ fund to finance projects which
may not be justified on strict
commercial grounds. ■

These projects could be on a
. relatively small scale, such as
demonstration plants for new
technologies, or major schemes,
such as gas pipeline networks
. which could be to the benefit of
Europe as a whole rather th a n
just a single member country.

The author. Dr Nigel Lucas,
a lecturer in the mechanical
engineering department of
Imperial College, London, sug-
gests that money for the fund
could be raised through the
imposition of a 1 per cent tax
on imported ott.

Dr Lucas, pointing rat that
the UK is a net exporter of oil,
writes: “At the most mercen-
ary level, if the UK takes the
Initiative on a European energy
policy she could hope to in-
fluence the content in -such a
way that she paid less than the
others and took more out.

“ The main difference be-
tween the UK and the other
■member slates of, the Com-

mnmty-ia not that she stands
to gain more than others from
a European energy- policy but
that she has a. better chance of
bringing it about if she were to
take an initiative.” '

The UK was well placed to
take the initiative because of
her special position as a major
oil, coal arid natural gas pro-
ducer.

As part of a com mon policy,
writes Dr Lucas, the UK should
adopt a “more extrovert” atti-
tude to her gas reserves. A
pipeline link Should be built
between the North Sea, Britain
and the continental gas trans-
mission system. This -would
help the movement of gas from
Norwegian waters of the North
Sea.

Such, a network, which might
be partly financed by a Com-
mrauty fund, would add to the
overall security of gas supplies
in Europe. Properly designed,
it should also reduce the overall
costs of developing North Sea
gas. Dr Lucas adds that the
existence of a pipeline network
need not necessarily, lead to the
UK export of gas, if this was
regarded by the Government as
undesirable.

In another report In the
energy series, researcher Mr
Louis Turner argues that the
International Energy Agency,
backed by almost all of the

developed countries, is a " re-
sponsive” and “flexible" body
which fully deserves continued
UK support

-If is pointed out that the
UK already plays a leading role
in IEA operations. The UK
was committed to the agency's

emergency oil sharing scheme,
which would be triggered by
a major energy crisis, but it
might not be unduly tet

The formula behind the oil-
sharing scheme could work in
the UK’s favour. “The image
of the UK diverting North Sea
oil to foreign customers while
the British consumer goes short
is very wide of the mark,”
writes Mr Turner.

■’ Both reports are published
by the British Institutes* Joint
Energy Policy Programme,
operated under' The joint
auspices of the Policy Studies
Institute and the Royal Institute
of International Affairs. The
British . Institute of Energy
Economics is also associated
with tiie programme.

Energy, the UK and the Euro-
pean Community , by Nigel
Lucas. Energy Paper No. 5:
£4.50. TJK interests and the
International Energy Agency by
Louis Turner. Energy Paper No.
4. £4.50. Both published by the
Policies Studies Institute. 1 /S
Castle Lane, London SW1E
6DR.

UK NEWS

House

prices

static

By Andrew Taylor.

HOUSE PRICES continue to
show no signs ’ of any signifi-
cant increase despite . the
rising activity in the housing
market, says the Royal Insti-
tution of. Chartered Sur-
veyors in its latest monthly
survey of house prices, pub-
lished today.

Seventy per cent of the 203
estate agents replug to last
month’s survey said that
prices had remained static is
the three months ending in
June. This wag a slightly
higher proportion than the
65 per cent of the previous
month.

The institution said nearly
27 per cent of agents had
reported small price increases
in June compared with a
third in the May quarter.

Hr John Thomas, the Insti-
tution’s housing spokesman,
said that reports on price
movements differed greatly
from region to region hut
that- higher prices recorded
in some areas and for dif-
ferent types at dwelling
pointed to “an annual
increase of no more than S
per cenL”

“ Contrary to some reports,
the latest R1CS survey
reveals virtually no change in
the rate of increase in bouse
prices in the last quarter
compared with the quarters
ending in April and Hay,”
said Mr Thomas.

Nottingham opens conference

NOTTINGHAM’S Royal Centre,
its conference centre, concert
hall and theatre complex, now
looks ready to become a finan-
cial and cultural asset to the
city after having its completion
held up for three years by a
political wrangle between
opposing parties on the council

■ The conference and concert
ball is due to open in early
November and wiU round off a
controversial £ 17m development
project which has included the
successful refurbishment of the
Theatre Royal, occupying the
other half of the city centre
site.

The theatre was finished in
the mjd-1970s. but construction
of the conference hall was
frozen for three years in the
late 1970s when the Conserva-
tives controlled the council,
having pledged themselves to
cut spending.

The return of Labour In 1979
revived the project. But
changes in the economics of
conferences in the interim
meant an increase in its size,
no doubt to the chagrin of the
Tories, and its final cost was
£12m. Around £5m bad been
spent on the theatre.

Mr Robin Anderson, the
city's conference officer,, is
confident that the hall, which
has seating for 2,500 people on
three levels, will be popular,
profitable for the council and
will benefit the city.

He estimates it will need to
be in use four days a week
to break even, and with book-

The Royal Centre could prove to be
a big asset. Lome Barling writes

ing for up to 40 per cent of
the time already confirmed for
next year, prospects are con-
sidered fairly good.

But he is well aware that
with a number of new con-
ference centres in Britain,
such as one being built at
Bournemouth, Cardiff’s, which
will open in October, and the
Barbican Centre in London,
which opened this spring, the
competition will be tough.

Nottingham has been invited
to discuss joining the “big
five ” conference centres — the
National Exhibition Centre in
Birmingham. Harrogate. Wem-
bley, the Barbican and Brighton
— in the British Conference
and Exhibition Centre Export
Council.

This body markets all these
centres abroad and could be
helpful to Nottingham in
attracting foreign business. But
Mr Anderson believes the city
may go it alone.

“I am waiting to hear what
they can do lor us,” he says,
and adds that the Royal Centre
is doing its own promotion in
Brussels in October.

Confidence such as this stems
partly from the generally
acclaimed design nf the hall,
which includes a 35-tonne
acoustic canopy which hangs on
steel hawsers above the stage
like a futuristic spacecraft.

The canopy can be raised or

lowered, according to the
acoustic responses required, to
suit the size and nature of the
event in progress. The natural
reverberation of the hall will
suit serious music, while sound
absorption “banners" can ho
lowered for conferences or rock
concerts.

An essential requirement of
the hall’s design was flexibility,
since conferences alone could
not ensure adequate use, and
rock concert? are expected to
play a considerable role in
making it profitable.

Serious music enthusiasts
will also welcome the opening,
since a number of the better
orchestras had recently given
notice that they would no
longer visit the city because nf
poor condition-; at the only
other available hall.

The programme for the first
month, whch remains con-
fidential at present, is expected
to include a wide range of
events — mainly entertainment
— aimed at testing rhe flexibility
of the hall. There are known to
be plans tor televised sports
evenis such as squash and darts.

The aim is to attract more
evenis overall, not merely
divert them from other local
venues.

High standards arc being
aimed at in term-i of comfort
for delegates and audiences.

~W

A 200-herircvm bole!, n priv.-r-.-
venturi*, i> In. -in-, umptrur:— 1
near the hall. wii>* rjirvct - <
over a covered I«nd3i.-. J; v.j;;
also have n Twt-.-p.vi* ear im:-
a health club, and etv.Uineni.it
restaurants.

However. Mr Ander-f;
aware Ihnt Hie b.dl i.- up*-:i.: -
at a time of very h.«rd i n re-
petition f»r ctfmcr. r. ■■
business. The number •*: l"!
conferences has been sersou.it?
affected by rhe mv.v-.ni. .■-•
have the numbers of peor>!>
attending them.

Nottingham is thorefi-r-

going nut of its way t.« .r" •
what it regards as
spceial; and nothing w.iu: i
pleo.se its h.n-!:i*r.» iner.’ rr. n
the ability tn show tie* Xnttin .•
ham Conservative." th.i: t >.'.<■
not have -i inmiopely ■■■:
successful enterprise.

BPHilS

APPOINTMENTS

resins Board changes made at
Belize Sugar Industries

ttnehtafl Assurance Company -of
London, with Mr Frost as acting
chief executive.

'im

■ Changes to the board "of
BELIZE SUGAR INDUSTRIES
have been made by the Tate and
Lyle Group. Mr J. C. W. MWchell,
mana ging director. North

- American division, has been
appointed chairman of BSL Mr
R. A. SWrtcliff, finance director.
United Molasses, has • been
appointed a director of BSL Mr

- D. A Tate leaves the board of
BSI and has become managing
director of The Zambia Sugar
Company. He was aiso formerly
vice chairman of Tate and Lyto
Inc in Miami, U.S.

*

Hr Archie Dalton, who joined
, . FRIGOSCANDIA hurt year, has

been appointed to th® baud at
commercial director 1 . .V

„ '* • ••

£».i Following the redgnation of
i\u managing director, Mr 'Deter
Hardtop at BERROWS GROUP
. :-OF REGIONAL NEWSPAPERS,
Mr Roger Rix and Mr Michael
.Woods, are appointed ma nagin g
. — director* of a reatiucSured
management organisation- Mr
’ ’ r Rix is to head the new northern
group based on Worces ter and
, includes an . the newspapers
located to the West and South-
west Midlands. He was pre-

• viously deputy general manager
of Portsmouth and Sunderland

“ Newspapers at Portsmouth, and
. production . director . of The
_ Guardian. He takes up the post
in early autumn. : Mr Woods
becomes managing 'director of
the southern group based on
•-Taunton and includes all news-
papers in Somerset, Devon and
Wiltshire. He was previously
’ marketing director of Borrows
Newspapers following editor of
.• The Evening News, Worcester.
He starts in Taunton, in August.

*

Mr Tom Martin Jar, joint
managing director. ARCO, Iras
been appointed cibstanan of the
Areo Group.

*

GREATER LONDON COUN-
CIL’S first equal opportunities
adviser is to be Ms Judith Hunt,
' a national trade uraoa official
“ with experience in equal oppor-
tunities work and women’s
employment problems. She will
he responsible for helping to
implement and promote the
GLC's new equal opportunities

• programme for both existing and
. . J'| potential employees and will

advise particularly on women’s
» career prospects with the

. . Council.

« ?»'S *.

* * v Mr E. LawreneerCorrie has

resigned as managing director of
The Continental Assurance Com-
pany of London, and from his
directorships of other companies
' in the INA - UK HOLDINGS
GROUP. Mr A. W. Frost and
Mr W. H. Howie, directors of
INA UK HOLDINGS, haw been

- appointed directors of The Con-

C0NTRACT5

Mr K-VL Mackenzie has felt
obliged - for health reasons to
resign from the chairmanship of
the board of HIGS0NS
BREWERY. He will continue to
serve as a director. Mr G. L
Corlett has been appointed chair-
man and will continue to act as
managing director.

rft-

Mr Tom Kings, a director of
Thnrgar Belle’ has been
appointed a dire ctor of its parent
company, THURGAR RAKDEX.

*

•SMITH ST. AUBYN & CO. has
.made Mr Adrian Fort a director
of tiie company with, effect from
August, 1982.

' . ' • - *

Mr Peter Coachman has been
appointed financial director of
HOGG ROBINSON OVERSEAS
port of the Hogg Robinson
Group.

■ ■*

The following appoint ments
have been made in REVERTEX
and Revertex Sales. Both com-
panies are members of the Yule
Catto Group. At Revertex: Mr
Philip D. Gatland becomes
managing director; Mr Peter T.
Mapn. director; and -Mr Michael
H. W. Lawrence, director. At
Reverter Sales: Mr Philip D.
Gatland becomes chairman and
Hr John R. Goddard a director.

. *

Principal members of the
newly formed subsidiary o f the
Cater Allen Group, CATER
ALLEN FUTURES- are: Mr A. J.
Buchanan, chairman; Hr A P.
La Roche, managing director;
Mr J. C. Barclay, director: Mr P.
Alloc ca, director; Mr J- A.
Pound,. director and Mr L T. Llss,
senior futures broker.

•*

NACANCO, UK subsidiary of
the National Can Corpn of
Chicago, has appointed Mr W.
Peter Long as sales and market-
ing director. ^

Mr Douglas McPhaiL a
director of the British Linen
Bank, has joined the board -of
JAMES FLEMING AND CO.,
Newbridge, 1 as a non-executive
director.

*

Mr David C. McCnteheon has
joined the intern atio nal
corporate finance dep artmen t
of SALOMON BROTHERS
INTERNATIONAL in London.
Mr McCutcbeon, formerly an
executive director at Credit
Suisse First Boston, and a
Canadian national, will be con-
centrating on North American
new business with emphasis on
Canada.

it

Mr R. T- S. Macpherson has
been appointed a dir ector of
THE SCOTTISH MUTUAL
ASSURANCE SOCIETY.

£14m Brazilian order
for Davy-Loewy

A CONTRACT worth about
£l4m has been won by DAVY-
LOEWY, Sheffield, for Aco Minas
Gerais SA. (AC01HNAS), of
Belo Horizonte, Brazil- It in-
cludes the supply of steel rolling
mill plant and civil co-ordination,
and is for. an extension to the
bloom and billet nrflJ scheme at
present under construction at
Ouro Branco. The new equip-
ment includes- billet mill stands,
shear, turnover cooling bank as
well as modifications to existing
equipment It will enable ACO-
MINAS to produce longer billets
and a wider, range of sizes. The
mill is planned to start produe-"
lion in lute 1BB3.'

A BiJston company, CES SITE
WELDJNG fBIRRnNGHAM), has
won orders worth over £lm for
various on-slte contract engineer-
ing projects. The contracts in-

clude tiie welding and dressing
work for the largest fractionating
column ever built in Europe, for
Esso Chemical at Hossmorran.
CES Site Welding is a subsi-
diary of CA. Moon (Holdings).

*

MSJ INTERNATIONAL TRAD-
ING has been awarded a £613,000
contract for tije establishment in
Nigeria of a Central Pathology
Laboratory, with teaching facili-
ties for 100 students.

*

A FURTHER ORDER from Iraq
for railway trackwork has been
-won by the consortium of THOS.
w. WARD (RAILWAY ENGIN-
EERS), Nottingham, and
RAILWAY HONE AND PLANTA-
TION EQUIPMENT, London.
Valued at film the order follows
a £5m order won by the partner-
ship, also from Iraq, for similar
railway trackwork and supplies.

WRITETO: FT20/7 ‘THE CORROSION FILE: CROWN PAINTS, P.O. BOX 37, HOLLINS ROAD, DARKEN. LANCASHIRE ER3 OBG.

While Britain fights for her industrial survival,
corrosion is draining the country^ resources of
over £7,500 million a year

Or, to put it another way, around 4% of our
Gross National Product is literally rusting away.

.At Crown Protective Coatings, our purpose
is to help stem this tremendous waste

Which is why we have produced an unusually
■ comprehensive, free information pack.

Ifc called “The Corrosion File"

We think it should be required reading for
anyone responsible for maintaining buildings,
structures or plant

Inside our file, you’ll find practical help, in

the form of factual data sheets that spell out the
precise advantages of particular Crown Protective
Coatings.

Coatings like the One-Pack Polyurethane
System we developed with Bayer

Originally designed for use on oil rigs in
the stormy waters of the North Sea, One : Pack Poly-
urethane can be applied to damp metaL

Within just a few hours, it will dry to a durable
protective finish.

To the oilman, this means that the “weather
window” can be widened and costly downtime
saved.

With labour charges escalating, developments

good news.

like this have to be

0 ¥ “The Corrosion File" keeps

you up to date with them For applications both
offshore and on.

Of course, there. are areas where even “The
Corrosion File” won't answer your every question.

So we also include details of our free
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card and envelope.

After all, when it's a question of survival, you
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No\y all you have to think a w v/1

of is sending off for your ^ ^

free copy of our file. Protective Coatings

8

J. . * ...I**

" ju- • i-v Lb&a

UK NEWS

Leasing of
equipment
up against
economic
trend

By James McDonald

LEASING OF plant and
equipment is continuing to
expand against the economic
trend, says iih Leslie Christ*
mas. chairman of the Equip-
ment Leasing .Association, in
the 2981 report which will he
presented today to its animal
meeting in London.

The 58 member companies
of the association account for
more than 80 per cent of ail
finance leasing transacted in
the UK, and Mr Christmas

reports that in the first
quarter of the year the level
of leasing contracts entered
into with new and existing
customers was substantially
higher than in the same
period last year.

“There are indications that
• tin; improvement has at least
been maintained in the
second quarter,'* says Mr

Qiitomas.

He reveals that by the end
of June the cost of leased
equipment on the hooks of
member companies had
reached £10bn — a rise of 12
per cent compared with the
total at the end of last year,
and 31 per cent more than a
year before. -
Mr Christmas says he can-
not tell if the good start to
the current year will neces-
sarily be reflected in new
business completed during
the rest of the year. “I am,
however, confident of our
members* ability to perfom
well, if not better, in an Im-
proved economic climate as
they have during the difficult
conditions of the last year.”

The association's latest
quarterly survey shows mem-
ber companies are more
qptimltic about trends In the
economy than they were In
the second half of last year
"though evidence of a real
upturn in economic activity
is slow to accumulate.”

The annual report shows
that last year member com-
panies of the association
leased a record of almost
£2. 7m worth of new plant and
equipment to industrial and
commercial customers.

In the UK, over 11 per cent
of all new capital Investment
is financed by leasing. “ And,
at a time when the problems
of recession and unemploy-
ment are certainly not con-
fined to this country, it Is
encouraging that Britain
accounts for a third of
the total European leasing
market,” says Mr Christmas.

He reports that, overall,
association members last year
saw new business rise by 13.5
per cent although this con-
cealed the first, smalt drop
since 1972 in the value of
equipment leased to users in
the UK. “International busi-
ness written in the UK rose
quite diarply from under
£200m to over £570m.

“Leasing by our members
to the manufacturing indus-
tries was up by II per cenL
In fact, 20 per cent of all
investment in this vital sector
of the economy is now
financed by leasing.”

The 1982 Finance Bill
contains clauses which effec-
tively stop the export of
capital allowances. “We are
not happy, because these new
measures also withhold allow-
ances from leases that finance
the export of equipment made
in the UK,” Mr Christmas
says.

Early sales boost June consumer spending

BY ROBIN PAULEY AND DAVID CHURCHILL

SPENDING in Britain's high
street shops increased in June
—but the figures probably
reflect a tendency by hard-
pressed retailers to start their
sales early this year, rather than
a boom in consumer spending.

Figures published yesterday
by the Department of Trade
show that the volume of retail
trade rose 1.1 per cent, season-
ally adjusted, in June after
remaining at the low April
level in May. The index is now
provisionally 107 (1978=1001 —
the same as in March and
January.

Although the figures offer some

encouragement to retailers who
have had a depressed first half
for the last three years, they
still represent only a 1.6 per
cent volume increase over June
last year.

Apart from early summer
sales there has been an im-
provement in the footwear and
clothing industries, which had
a flat first quarter.

Trade in the second quarter
was slightly down on the first
with the index showing an
average of 106.3 and 106.6
respectively. These are both
higher than the figures for the
last three quarters of last year.

The first quarter 1981
was also 106.6.

The value of retail sales in
June, not seasonally adjusted,
was 7 per cent higher than in
June last year. In the first half
of the year the average value
of sales was S per cent up on
the first half of last year.

The Retail Consortium, which
represents the bulk' of retail
trades, said yesterday it was
“concerned” that retailers were
coming under increased pres-
sure from the need to keep
prices stable while other costs
were .rising.

The consortium says that

figure . many retailers have been forced
to start their sales promotions
earlier than usual to- boost
trade.

In many cases, (be push for
volume growth through price
cuts has paid off. Rumbelows.
the .electrical goods chain, re-
ported that sales value was up
by 40 per cent during the first
few weeks of its sale which
started at the end of June.

. Mr David Johnson. Rum-
beloWs chief executive, said
prices for many electrical goods
were the same or even lower
than in the past couple of
years.

“The consumer is continuing
to recognise that he can get
some very good bargains at
present in electrical goods,” he
said.

Video recorders and colour
televisions, whose prices are
lower than last year, are selling
well.

The Argos discount stores
chain, which started ils sale two
weeks earlier this year, reported
a 33 per cent increase in sales
value for June compared with
the same month last year. How-
ever, after taking account of
new store openings, the sales
salue increase, is 20 per cent.

Dr Mike Smith,' the new chief
executive of. Argos, said that
rhis trend was^'encouraging.”

The Jobtf Lewis department
store chain, however, has found,
that the rail, strike daaipened
some of its sales growth. Sales
for the week ending July. .10
were up by only 6 per cent in
value, compared with an esti-
mated increase for the . current
half-year of S.S per cent

The company admits that the
figures are “slightly disappoint-
ing” but says that "allowance
must be made for the disrup-
tion to trading caused by the
train strike."

Government
set to act
on video
piracy

By Jason Crisp

THE GOVERNMENT looks
likely to make a significant
switch in its policy on video
piracy. Mr Iain Sproat, Under
Secretary for Trade, told the
Commons yesterday that the
Government is now considering
a levy on blank tapes.

Just over a year ago when
the Government published a
green paper on copyright law
it firmly rejected industry calls
for a levy on blank tapes and
recorders for both video and
audio equipment.

At the time the Government
said the levy would be infla-
tionary — it could double the
cost of a blank tape — and
unenforceable, as people would
buy tapes from abroad by mail
order.

Film and record companies
have campaigned vigorously for
the Government to take a tough
line on illegal recording on
both audio and video tapes.

Earlier this year,' the British
Videogram Association said 78
per cent of the 6-7m pre-
recorded video tapes sold in -the
UK last year were illegal copies.

Mr Sproat said yesterday that
the record industry was losing
over £30Qm through people
taping records at home. “ A levy
is one of the matters put to us,
and the . Government is con-
sidering it,” he said.

Mr Sproat told the Commons
that the Government wanted to
act as soon as possible on xtdeo
and record piracy.

Ship insurance premiums to rise sharply

BY JOHN MOORE, CITY CORRESPONDENT

SHIPOWNERS face a sharp
rise in insurance premiums fol-
lowing tfaet renewed outbreak
of hostilities between Iran and
Iraq. -Representatives of Lloyd's
insurance underwriters and
London insurance companies
are expected to meet today to
consider increasing already
high insurance rates on ships'
cargoes.

In the past few days ship-
owners have been charged be-
tween 1 per cent and 3 per cent

of the hull value of their ves-
sels in additional premiums if
they are sailing to Kharg Island
or the Iranian port of Bandar
Khomeini.

With the additional premiums
r unnin g for seven -day voyages,
the extra chargse can mean for
shipowners the equivalent of a
payment representing more
than one and a -half times the
value of the ship on an annual
basis.

The powerful War Risk Com-

mittee is expected to meet in
London today to consider cargo
insurance rates.

It is a joint committee com-
prising underwriters in both
Lloyd’s and London insurance
companies.

Cargo rates on ships travel-
ling to Iran have ranged up
to 0.5 per cent on single voyages
to the area since hostilities
began.

This compares with a standard
premium rates on ships travel-

ling to non- war regions of 0.0275
per cent in additional payments.

With Iran's oil export ter-
minal at Kharg Island caught
up in the latest round of hosti-
lities. hull underwriters quickly
raised their rates from 0.5 per
cent to at least 1 per cent last
week, although underwriters
reported that rates were volatile.

Cargo rates had been settling
down at about 0.25 per cent of
values until the latest hostilities.

But that is likely to change
today.

Underwriters have - already
relaxed insurance rates on ships
sailing to the Argentine area
following the end of the FaUt-
lands hostilities..

While rates for the Iran-Iraq
areas are rising sharply, under-
writers are reporting that there
have been few inquiries from
shipowners who might be con-
sidering voyages to the area.

Business births
and deaths

By Lisa Wood

FOR EVERY 100 companies
that went out of business last
year 115 started to trade. Mr
John MacGregor, Parliamentary
Under Secretary of State for
Industry, said yesterday.

Mr MacGregor was announc-
ing the first results of a Depart-
ment of Industry analysis of
VAT registrations (“ births ”)
and de-registrations (“deaths”)
for 1981.

Speaking at the opening of
a workshop . extension in
London, Mr MacGregor said
there were 14.800 more births
than deaths' of companies in
the UK in 1981.

According to the Dol figures.
124,800 companies registered
for VAT in 1981 and 110,000
de -registered.

However, not all new VAT
registrations are new businesses
and not all new businesses are
registered for VAT.

Extension to
opera house
is opened

By David ChurchiK

THE £9.75m extension to the
Royal Opera House in Covent
Garden was yesterday offi-
cially opened by Prince
Charles.

The extension has been paid
for partly by government
grants but mainly from
money raised by appeals to
commercial and industrial
sponsors.

The appeal fund remains some
£200,000 short, although the
opera house is confident the
amount will soon be raised.

The extension Includes a large
opera rehearsal studio, two
baHet studios, modern dress-
ing rooms and improved
wardrobe and storage areas.

The feet that the new dressing
rooms will be used exclusively
by the opera singers has
created some antagonism
among members of the ballet
company who will continue to
use the existing poor facili-
ties.

To counter this criticism the
opera house administrator is
upgrading the old dressing
room accommodation over the
next few months.

A decision on when to go ahead
with the next phase of the
expansion programme is
likely to be taken shortly. The
present proposal is for an
ambitious further extension
of tihe Covent Garden site,
which is likely to cost up to
£30m.

Work on this further expansion
is scheduled to start in 1986
and would mean that the
opera house would be shut
down for three years.

The opera and ballet companies
would probably transfer to
the Theatre Royal, Drury
Lane, during this period.

Kessock bridge cuts route to N. Scotland

BY MARK MEREDITH. SCOTTISH CORRESPONDENT

THE KESSOCK BRIDGE over
tiie Beanly Firth at Inverness
was partially opened to traffic
yesterday providing a shorter
route on a major road to the
North of Scotland.

The bridge forms part of
long-range road improve-
ments to the A9 route north
from Perth through Inver-
ness, considered vital for
economic development in die

The ■ 1,052-metxe structure
spans the Beanly Firth from
the outskirts of Inverness. It
crosses to the Blaek Isle —
actually a peninsula between
tiie Beauly and Moray Firths
to the south and the Cromarty
Firth to the north. A cause-
way already crosses the
Cromarty Firth, taking traffic
north ' Into eastern Rois. 1

Hie bridge re-routes the
A9 which has «P to now
passed through Inverness and
then taken a circuitous rente
around the western ends of
the Beauly and Cromarty

Firths nt the way north. Up
to 30 minutes can now be
saved on the drive north from .
Inverness to frvergordon.

- The full four lanes of the
bridge are to be officially
opened by the Queen Mother
on August 6.

The structure, suspended
from two "uprights; . looks
similar to the Rees Bridge
over the Rhine at Dfisseldorf.

It has special hydraulic
buffers to withstand the
shock of possible earth-
quakes, as the bridge crosses

the Great Glen fault. . The
bridge 'has also been built
to stand up to-collision with
small ships passing through
the tidal waters below tiie
Moray into the Beady Firth.

It has a 29-metre clearance
above high water for 'ships
entering Inverness harbour.

The Cleveland RDL con-
sortium ' was . awarded the
bridge contract in June 1977.
At a current contract price of
£26m It is £8.75m above the
original estimate, due mainly
to inflation.

A one-year delay to the
scheduled opening * was
blamed on severe winter
weather hampering construc-
tion and the steel strike.

Central government has
financed the Kessock bridge
aided by a 20 per- cent grant
from the ESC Regional
Development Fund. The
Scottish Office has decided
not to impose any toll on
traffic over the bridge. .

The opening will bring a
sudden hash to the towns of
Beauly and Dingwall, at the
western ends of the two
Firths spanned by ' the
improved road system. What-
ever the relief in terms of
traffic noise, hotel and shop
owners are anxious about the
loss of business, especially
tourist traffic..

Kessock Bridge, has opened
while the Highlands are going-
through a bad . period
economically, with regional
unemployment at over 13 per
cent

£12m grants

announced

tostimulate

computer

investment

Renault to import Jeeps
from end of this year

BY JOHN GRIFFITHS

RENAULT UK is to handle the
importing of Jeep four-wheel
drive vehicles in the UK from
the eud of this year.

Jeeps are built by American
Motors of the U.S. in which
Renault has a 46.6 per cent
stake.

Sales of the large eight- and
six-cylinder Jeeps have fallen
off sharply In the UK over the
past two years. But a new
model 1,000 lbs lighter and
powered by a French-built

How

SAS technology
came out on top
down under.

Its no exaggeration to sav that
the global reputation of SAS is as
wide as our depth of knowledge and
wealth of experience.

And we proved ft once again
when we supplied equipmentto
one of the majoraiuminium smelting
companies of Australia.

The equipment, gas tired and
designed to accept hot metal from
the company's own crucibles,
Included a 40 ton lip axis tilting
furnace, 40 ton lip axis holding
furnace and DC casting equipment
The furnaces Incorporate
heat recuperation systems
and the complete
process is controlled by

micro processors to give minimum
fuel consumption and greater
control of casting speeds.

we also metthe exacting
demands of the aluminium industry
recently when we took the passage
to India, supplying sophisticated
heat treatment equipmentfor
aircraft component production.

its not surprising that SAS
activity is so widespread. Because
we’re involved in every field of
furnace and thermal process
engineering you can think of.The

automotive industry, metal,
steel and glass-Everything.

When the heats on,

SAS is there.

SAS-One name that says the lot

Stein Atwraon stordy Limited, Midland House.ounsdale Roa^womboume, Wolverhampton wvs 8BY.

Notice to the Holders of

FUJITSU FANUC LTD
(NOW FANUC LTD)

U.S. $50,000,000
4J£% Convertible Bonds 1996

Effective August 2, 1982,- the
specified office of The Indus-
trial Bank of Japan Trust
Company as Principal Paying-
Agent for the above-described
issue will be

. 245 Park Avenue
New York, N.Y. 10167 U&A.

July 20, 1982

■S|

While you're still trying for a foot in the door;
we could be getting the chairman's ear Telemarketing

Ca!lthetelephonemarketingprofessionaIson01-247484126CliftonStreetljondonEC2. F® ssrawf.

Dun&Bridstrectlqicnoficrial

Renault diesel Is to be launched
early next year.

Jeeps are currently imported
into the UK by Tozer Kemsley
and MlUbourn which distributes
them through 16 of its own
outlets. Renault said in London
yesterday that it was not known
whether TKM or Renault out-
lets would sell the Jeeps, but it
is most likely that Renault will
want to feed them through its
own network. It has more than
400 car dealerships.

In 1979, UK Jeep sales
reached 429. By the end of the
first 'six months of this year,
however, only 101 had been
sold.

Renault is already marketing
the existing Jeeps , in several
continental countries; - It 'estab-
lished, its link with ''American
Motors' primarily to'gain access
to the U-S. car market — r- the
Renault 9 is- now -assembled
there.

Charities suffer a 3%
drop in voluntary income

BY USA WOOD

BRITAIN’S ' top 200 graot-
seekong charities suffered a
3 per cent drop . in the real
value of their voluntary income
hi 1981-82, according -to toe
Charities Add Foundation. ,

Voluntary income from
covenants feM shanpay from
£12m in. 1980/81 to £9 .2m in
1981/82 with total vottartary
income rising from £292. 9m to
£329.1m. ...

Government- payments to
voluntary oo^saaisktidns - had
been
tected

period aMfaongh there had been
considerable differences between
local authority, areas.

The foundation said in Its
report yesterday; “"It cook! be
that we are endy Just beginning
to perceive toe .fuBT- effects' of
economic decline iqpon voluntary
giving.”

Total income of-dta&tfes from
a±L sources remained static but

increased by 1 per

cent

The report said many charities
feel the positive effects of the
concessions from toe 1980 and
1981 budgets are being negated
by toe Government's .refusal to
exempt charities from paying
VAT on purchases. The burden
of VAT had fatten particularly
heavily upon charities providing
direct social weldiaire and
educational services;

For example, bills for the

reasonably well pro- maintenance of residential and
during the two-year day centres, aids and .appliances,
and cleaning and laundry were
all subject to VAT even though
similar purchases- by local
.authoritiesuwere zero-rated.

A campaign in 1981 by eight
leading service-giving charities
for children and the handi-
capped gave figures showing
that in that year the benefits
of budget tax concessions were
greatly outweighed by VAT
charges.

By Jason Crbp -•

THE - GOVERNMENT is to
spend a further £l2m encourag-
ing British companies, to'/ Use
compete raided design, manu-
facture and .test equipment.

Announcing the scheme yes-
terday, Mr Kenhcth -Baker,
Industry -Minister with special
responsibility for .information
technology, said: “ As a result
of our awareness activities,
many companies now appreciate
toe benefits computer-aided
design techniques can bring ja
productivity, competitiveness
and profitability. "

He. said that the need, to
invert in such equipment was
urgent. British industry had
not only .failed to match the
Investment made by U.S.and
Japanese companies but alto
that of major European compe-
titors.

“ If we do not invest now; our
ability to eompe t e successfully
will be impaired. The Govern-
ment is aware that many com-
panies are having to restrict
their investment in new capital
equipment and the effects of
this are particularly significant
when techniques new lo -a
particular . organisation are
under consideration.

. “ The Government has there-
fore concluded that it should
provide in the short term posi-
tive encouragement for invest-
ment in these areas," Mr- Baker
said.

Government support will -be
grouts of up to a third of the
capital cost of the computer
equipment. - j

BCal wins handling
deal on NZ flights ■:

BRITISH Caledonian Airways,
the leading UK independent air-
line, has won a contract to
handle Air New Zealand’s
operations', at Gatwick Airport
when the New Zealand airline
starts flights between Britain
and Auckland on August 26.

. -. Air New Zealand will fly toe
route twice weekly via Los
Angeles and Tahiti using
Boeing 747 Jumbo jets. ;

BCal will provide cargo and
ramp handling, maintenance
support passenger handling,
flight despatch, aircraft cleaning
and other services at Gatwick.
It will also- handle cargo for
toe airline at Heathrow J

Valuation services
to be reviewed

THE Chancellor of the Ex-
chequer has set up a committee
under the c hair m anship of Mr
A. H. Dalton to review the pro-
vision of valuation services in
government.

Its terms of reference are
“to; examine the functions,
other than rating valuation, of
valuers now employed by the
Valuation Offices of the Inland
Revenue and by other govern-
ment departments, having
regard to the needs of govern-
ment departments, local authori-
ties, the general public and
other bodies, for valuations and
advice; and to recommend how
these needs can. best be met in
art efficient and cost-effective
mann er.”

Price cuts increase
Tesco market share

THE new price cutting cam-
paign launched by Tesco in mid-
May has achieved its immediate
aim of an increase in market
share, according to figures cir-
culating among the grocery
trade.

Statistics for the packaged
grocery market show that for
the four weeks ending June 19
Tesco's market share was 13.9
per cent compared with 13 per
cent in the previous four weeks.

Local authority architects down 14% in two years

BY ANDREW TAYLOR

THE NUMBER of architects
employed by local authorities
has fallen by almost 14' per cent
in the past two years, accord-
ing to a report published
yesterday by the Royal Institute
of British Architects. The
report says that the morale- ef
many council architects’ is at a
low ebb.

It says that there is a .wide-

Ievels associated with, public
expenditure cuts...-.

• The difficulties of coping, with
annual public expenditure cash
limits which mafcS long-term
planning impossibly and reduce
efficiency.

valued both by the public and
the leadership of toe Royal In-
stitute of British Architects, it
says that every opportunity
should be taken- to “ publicise
good public sector work, not
only new buildings, but also the

more during the past five year.

M One fifth of all councils res-
ponding to the survey said that
their staffing levels were now
inadequate. And many of those
who said staffing levels were

of some local '. authority: work
to the private" sector*

^ #The downgrading of some

spread, although not universal.! J&^tect -departments ©itoer
feeling of malaise among local because of job-losses or struo

“ — • — ■'-J - - vuiy ucw UUUlUIJKb. WUl Illbu LUC ^ J J , .71 .

Threats of the handing over work of looking after the public f ? e W , * te 1 added the qualification

__ — _ — » ■ .... " in ffillHAn f>n mikanali *

authority architects. The prin-
cipal causes are:

• Sharp reductions' in staffing

rural reorganisation.'

The report- says: there is a
general feeling ■- that local
authority architecture is under-

estate.”

The Institute says the number
of architects employed by coun-
cils fell by 8 per. cent in 1981.
The rate of reduction -however,
had differed greatly between
local authorities and some coun-
cils estimated that architectural
staff had been cut by a third or

| in relation to current funding ’
Hnplying or actually stating that
any upturn would leave them
short-staffed,” says toe report.

Architectural practice in
Local Authorities. Available
from the fioyal Institute o!
British Arefctiecls, Sfi Portland
Place, London WIN 4AD .

Judge rules EEC law does not oyerride BL copyright

BY RAYMOND HUGHES, LAW COURTS CORRESPONDENT

COMMON MARKET law does
not provide a defence for two
companies that have ■ admitted
infringing BL's copyright in
drawings for exhaust systems:
for some of its vehicles, a "High
Court judge held yesterday.

Mr Justice Foster rejected a
claim by Armstrong Patents
Company and Armstrong Equip-
ment that the Treaty of Rome
enabled them to infringe ' the
BL copyright

He granted BL an injunction
restraining infringement of
copyright in drawings, of 15 of
its exhaust systems. The judge

also ordered that the offending
material should be delivered up.

He further ordered ah inquiry
into the damage suffered by BL
because of Armstrong’s actions
but suspended the operation of
his orders to give Armstrong
an opportunity to appeal- .

Armstrong is also to appeal
against an earlier refusal by
. the judge to refer, to the Euro-
pean Court in Luxembourg the
companies* contention that they,
have defences under European
law lo BL’s claim.

The judge said that Arm-
strong was admittedly In-

fringing BL’s copyright, by
copying drawings of BL
exhaust systems.

Armstrong contended ..that
EEC law enabled it to continue
the infringement without taking
a licence from, or making any
. payment to BL. .

One of Armstrong's argu-
ments was that BL bad a
dominant position in the market .
for car exhausts and was abusing
that position in breach of
Article 86. . r r 7

It was clear, toe judge said,
that BL did not have 7 a domi-
nant position, even in the more

restricted market of exhausts
for its own vehicles. BL'S share
of that market was 24 per cent,
whereas companies to which it
had granted licences together
had 36 pqr -cent of the market.

That market was highly com-
petitive and several times BL
had been forced to reduce its
prices to remain competitive.

Mr Justice Foster added that,
even if. BL.' was. infringing the
treaty, in some way, that would
not .afford a defence to Arm-
strong, although it might make
• BL'Hable to penalties imposed

hy Th*» European Commis^nn.

Financial Times Tuesday July 20 1982

Fire officers sack senior official

BT EHB&PJ8ASSETT,: LABOUR COftftCSPQftDEftn;

LEADERS OF the NsEtioaal
Association of Fire Officer*
have dismissed the union’s
general secretary following
the unfavourable' outcome
for the union of ah inter-
union dispute with the Fire
Union. •

The dilute, over the rep-
resentation of Bxitainy 5,000
fire officers, hasten resolved
largely in the FBUV favour
under proposal*, sent 'to the
two unions yesterday. '

There have bees indica-
tions that the non-TUC affili-
ated Kafo is dfts&tisfied with
its general, secretary, Mr
•Peter Worger, over the
union’s handling of the dte-
■ pttte. Nafo claims aboct 4,000
nremher^.inalL ;

These signs came to ahead
last week at a meeting of the
tmiotfs governing executive
‘ committee, at which a motion
of *j» f confidence 1 ’ in Mr.
. Worger was ajiproved unani-

•m misty . -

Mr Worger’5 resignation
was then expected, but was
apparently not .forthcoming,
and so the executive decided
on his dismissal.-

. Details of the executive
meeting, and the reasons
behind its -decision, are now
being sent ' out to irmnn
branches. The onion is Keen
to present the issue as
amicable, and to try to show
that Mr Worker's leaving was
mutually agreed.

UK NEWS -LABOUR

Aslef members speak put against flexible rostering David Goodhart reports

Mood of bitterness as train drivers return

Firemen win union battle

i ,«

■'.ii.'.

•r-

BT PtflLtP BASSETT, LABOUR CORRESPONDENT

.

BRITAIN’S 33,000 full-time fire-
men have won an inter-union
battle in the fire service about
the representation of fire
officers, over which the Fire
Brigades Union threatened in-
dustrial action earlier this year
and possible national strikes. -
The executive of tile FBU
voted to suspend its threatened
indosrial action over the* repre-
sentation of Britain’s 5,000 fire
officers when the fire employers
offered to mount a headcount
of the officers to determine
their union membership. '

New proposals on the nego-
tiating structure for fire officers
were sent yesterday to the FBU
and to the National Association
of Fire Officers, based on the
results of the headcount.:

Nafo refused to: co-operate
with the headcount, so. the em-.
pioyeis were able, only to

detemfide-:' : the number of.
officers in: : FBU: membership.
The FBU has claimed all along
to represent about 50 per cent
of the .officers. This was con-
firmed by the headcount, which
found that 43.3 per cent were
FBU members.

Whfen the members of the.
small- ‘ '.Retained . Firemen's
Union.- and those officers not in
a union, are removed from the
total, it is . estimated that the
FBU has- ia : relation to Nafo
about 54-55. per cent of the total.

Accordingly, under the terms
of ihe proposals sent to the
unions yesterday, the Local
Authorities Conditions of Ser-
vice Advisory Board is suggest-
ing that instead of the 7-3 divi-
sion in Nafo’s favour on the
dissolved officers’ negotiating
body, it should be evenly split

between the unions, -giving
-them each five seats.

■ : This suggestion meets the
terms]- of the FBU’s original
daim, and so could be regarded
as a victory for the union.

A meeting' between the three
sides -seems . likely in the next
fortnigh t • If Nafo fails to
respond to the employers’ side
proposals, the FBU is likely to
apply pressure on the em-
ployers to negotiate an agree-
ment with. it bringing in the
new -representation formula.

The officers’ committee would
cover all -ranks from stations
officer to senior divisional
officer. The other part of the
employers' proposal would give
the FBU sole negotiating rights
f-or -grades up to station officer.
Under the old system, the FBU
had 22 seats on this committee
and Nafo 10.

•Mils ity|g

“'I Vfe

Manpower commission may scrap
community enterprise scheme

THERE WAS a feeling of
barely suppressed glefe in the
main British Rail operations
room at (130 yesterday monring.

The atmosphere was rather
different across the. road at the
BR Mazytebone depot where a
dozen Aslef drivers faced their
first day’s -work with the new
flexible rosters. ■

As Mr James Urquhart, BR
operations manager, was waxing
lyrical in the ops room’ to
reporters from most pans of
the globe, ihe demoralised
drivers were licking their
wounds and looking for scape-
goats.

The absence of new speed
regulations * at Marylebone
meant that no trains moved at
all yesterday morning — an
appropriate chistening for the
new rosters, according to 29-
year-old driver Bob Winkworth.
He was one of a number of
drivers I met yesterday who was
so embittered by the strike ex-
perience that he was spending
all bis spare time looking for
another Job. .

** You know what you can do
with your flexi-rosters— -there’s
no way I'm going to work for
an employer like BR." - he Said.
The older men especially — bred
on the “railway family” ideal
— was still wriggling under the

shock of BR’s sacking threat.

Mr Jack Bowden, ' divisional
committee secretary at
Waterloo, said three of his
members had already resigned
since the back to work call.

In the canteen at London
Bridge depot, where the
customary length of service
calculations totted up 300 years.
drivers with over 40 years’
experience were saying that
morale had never been lower.
"It will take a generation for
the business to be eradicated,”
was a frequent comment.

But if BR can expect precious
little goodwill from Aslef men
the TUC can expect even less.
"The TUG decision was a bomb-
shell, I had been preachifig to
the lads to stand fast and that
help was on its way,” said Mr
Brian Kerbin. branch secretary
at Swindon. "It was a diabolical
betrayal,” a MaryleboDe driver
said more bluntly.

MotiUVs for disaffiliation from
the TUC have already been
passed by Waterloo - and
Sheffield branches and by a
meeting of 15 South London
branches at Croydon on Sunday.
More can be expected before
the recafled Aslef -conference
meets.

There is little doubt that ihe
executive’s recommendation of

the new rosters will be
reluctantly accepted by ihe
conference ■ in the same
disciplined way that the return
to work call was obeyed

One disentcr was Mr John
Davies, branch secretary in
Hereford, who said the con-
ference might throw out the
recommendation. "We stand to
be wiped out at Hereford if it

is accepted, ” he said.

But- nobody I spoke to had
one word of criticism for Mr
Ray Buckton or the Aslef
executive- "They did a .good
job in impossible Circum-
stances." was the typical view.

Back at the ops room yester-
day morning Mr Urquhart
said: "Something quite tre-
mendous has happened, but we
are still conscious of the prob-
lems ahead and we must go
back to work together without
recrimination."

" Fat chance of that,” said a
King’s Cross driver when I
reported the comment. But. at
the clocking-on point at King’s
Cros depot yesterday there was
almost a firsl-day-back-at-school
atmosphere.

I walked into work with
20-year-old Mr Mark Smith,
who broke the strike and
worked last week. He was

not worried about recrimina-
tions. When we met one of his
young colleagues, he joklly
shouted “ scab M and gave him
a friendly slap: his confidence
seemed justified.

But the King’s Crass manage*
mem were not taking any
chances. Instead of clocking
on he was whisked away to a
manager’s office and rostered
with the one other driver who
worked. Mr Dave Cross.

Beneath the surface bitter-
ness was apparent at King’s
Cross too. " We’re bitter about
management, the media, ihe
MUR. the TUC. in fact every-
body.” said one driver. He
added that he . would now
rather be n non-unionist than
join the NUR and would pdy
a 15-a-week subscription to
keep Aslef alive.

To say that the new rosters
arc being worked at 71 depots
“under protest” seems to be
a considerable understatement.
At Marylebone and Londnn
Bridge — which also started the
new rosters yesterday — I heard
a stream of complaints about
unproductive time, about the
new difficulties of swapping
shifts, about being stranded in
stations overnight, and above
all about the flexibility of four

to 12 hours still in tile pipe-
line. "These are not the real
rosters— make no mistake about
that” is a common suspicion.

It was a suspicion which Mr
Charles Wort. BR area manager
at King's Cross did nothing to
allay. “ I couldn’t tell you what
future rosters will lnok like but
obviously we need the best
productivity we ran get,” he
said. He was still waiting lc
know when the initial seven-
to nine-hour fhifts would be
introduced in his area but he
was certain of some pretty
tough bargaining over th«-
details at the Local Divisional
Committee.

The rasters are normal!'*
worked oul at local level be
tween union and managentOTi!
officials bill BR's lactic of by-
passing the union during th<‘
dispute and posting the n**v:
rosters to each driver wilt
crcaie a lot more wrangling
than usual.

But Mr Wort also poimet
out that of the 318 new rosier-
at King’s Cross, scheduled !■•
replace the previous 39-1. onti -
36 will be a little over eigh'
hours.

A driver at Londnn Bndv
said: “ I've been a Tory all r*
life, but no longer after tin-

Harwich seamen occupy six Sealink ships in pay dispute

SEAMEN AT Harwich yester-
day began indefinite occupants
of six Sealink UK ships after
narrowly throwing out a
management plan to cut costs
by reducing wage rates, Ivo
Dawnay reports.

The sit-ins began after a mass
meeting, voted by 160 to -143' to
reject the scheme and continue
an 18-day-old protest strike. A
further meeting to be held, to-
day will . discuss proposals for

spreading the strike to other
Sealink ports.

The decision to persist with
the action comes after seven
months of talks between the
British Rail subsidiary and local
officials of the National Union
of Seamen. Tpese culminated
last week in three days of in-
' tensive discussions at the port
involving the union’s national
officers and senior Sealink
management.

But at the weekend Mr Alan
Pelre, chairman of the union’s
local dispute committee, said
the management had only made
minor concessions on its plans
to cut £lj2m from the annual
wages bill by reducing pay to
National Maritime Board rates.

Mr Petre said the Harwich
seamen would now be warning
seamen at other Sealink jports
that their pay and conditions
were in danger too.

“For years we have negoti-
ated agreements and now
they’re ripped them up,” he
said. “ We will he telling our
colleagues not to take action for
us. blit for themselves.”

Sealink said last night it was
“ very disappointed ” with the
vote. It declined to say what
action would now be taken until
the union confirmed at national
level that the strike has official
backing.

Ships occupied by the 57 1 ’
seamen involved in the dispute
are the St George, a 7,000 ton--'
passenger and car terry; tl:>-
Speedlink Vanguard rail roo»1<
ship; and two Sea Freightlim-
container vessels.

Two passenger ferries th.i:
have been withdrawn front ser-
vice, the Cambridge and ilv
Essex, have also been lake-i
over by ratings.

BY JOHN LLOYD, LABOUR EDITOR

THE MANPOWER -/ Services cteian supplementary benefits.
Cwmtissten ‘W^l - consider SBonsorn of the srfiemp wou

sots of the scheme would

vnw

r,«fi«ru

pf*»osals to scrap the Com- receive up to £3,120 for wages,
munity Enterprise Programme up to £395 for national insur-
at the meeting of its commis- a ace contributions and up to
sioners next week — in spite £440 for administrative and
of -the programme’s popularity overheads cost, a total mn-mmi-m
among its clients and those who of £3,995 per worker,
run it. ‘ TbeMSC will alscTpay the .full

The commissioners are likely wage' .costs' of . managers and
to approve a pro posa l which supervisors on the scheme;
would merge the CEP .with a The present CEP pays up to
new scheme, first announced by nearly £90 ~ a wage which has
Sir Geoffrey Howe, the largely avoided charges from
Chancellor, earlier this year, to the unions that the workers on
provide community employment the scheme were undercutting
for the long-term unemployed onion rates,
at a cost of £135m- The new. However. the voluntary
merged scheme would' start bn organisations believe that the
October this- year, St ' tie new. merged scheme Will ''not
earliest. work. A meeting of represent-

The proposal would offer a atives of the organisations met
mixture of part and fuH-time at the National Council for
employment, at an average wage Voluntary Organisations yester-
©f £60. Those working more day, . and.'- expressed their
than SO hours could claim opposition to the . scheme on
•family income -supplement three -major grounds,
while those warftisg less could - 0 - The scheme contains no

money for training — though.^
it suggests that sponsors could
use a proportion of the wage
element to fund training.

• The' much larger numbers
involved in the new scheme
favour management by local
authorities, thus tending to cut
out the voluntary organisations,
used to handling no more than
50 workers in present schemes.

• The money paid wiH o ften
be less, than that paid to CEP
workers, and will tend to
discriminate against the un-
employed ' with dependents,
since they can earn more on
social security.

Mr 'Peter Jay, the National
Council chairman, will write to
Mr David Young, chairman of
the • MSC, to express ' the
voluntary, organisation's con-
cern, and to seek for changes
in the new scheme. He will
also put the Councfl’s view that
consultation with the voluntary
sector has been inadequate.

Dock strike to continue

BY OUR LABOUR STAf*

SOME 200 Birkenhead dockers
yesterday voted , .by a large
■-majority to continue their two
* weeks’ long strike . They walked
« out when, the Mersey Docks and
’ Harbour Company ceased cargo
■ handling in .one. of the docks
' and tried to transfer the men
to Liverpool .

To compensate them -for

having to cross thje River Mer-
. sey, the Transport and General
: . Workers’ Union members de-
. manded £1,500. each as a lump
sum and a' £9<Kka-year travel
and upheaval allowance. The
management has only agreed to
provide them with a special
allowance for one month.

TUC award

CAROLLYN BAKER, 24, of
Banknock, Stirlingshire, was
yesterday chosen from seven
finalists to receive the 1982
.TUC award for. youth. A prize
of her choice and a diploma
will be presented' to her at Sep-
tember’s TUC Conference in
Brighton.

Miss Baker became an
active trade unionist sax years
ago

.-ii- iWl -

-If! 4 ■

i)

can

ci

vfi-

• If youneed risk fimds, you’ll find that most
investors wfll look for. a hefty-return.

r. Particularly where new ventures are concerned;

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UK NEWS - PARLIAMENT and POLITICS

Queen’s

policeman

was

vetted’

' ' THE QUEEN'S Police Officer,
— Commander Michael .Trpsr
tralL has resigned from the
Metropolitan. Police . ..after
confessing to having a homo-
sexual relationship over a
number of years with a male
prostitute, Mr William White-
law, the Home Secretary,
told the Commons yesterday.

Few. questions were pot to
Mr Whitelaw. who promised
a fuller statement tomorrow.
He said he thought it right
to report the matter to the
Honce at the earliest possible
opportunity.

Mr George Cunningham
tSDP. Islington South)

“Are we to assume this
information was not known
to the ’security services until

now? Does that mean that
no positive vetting was
carried out on the Com-
mander or that there was
positive verting which failed
to revest these farts?” Mr

■ Whitelaw replied: “He was
positively vetted.”

Mr Jonathan Aftken Con.
(Thanet East) asked: “Will
this aspect of security lapses
surrounding the Queen be.
covered by the DeTTow report
in view of the fact some-

- reports -say It Is already in

■ the. hands of those In autho-
rity? " • '

_Mr . Whitelaw answered:-"
“ All . these matters will . . be
: covered by. my statement on
.Wednesday. . which will" In-
clude' the DeTlow report and
other matters which come
before me.”

The . Minister's statement
. came soon ‘ after Scotland
Tard announced that Com-
mander TrestaH’s, resignation .
on 'Saturday was For “personal
reasons.” Aged 50. rhe Com-
' raander was head of the A1
Royalty Protection Section.

- Mr Roy Hatters ley. Shadow .
Home - Secretary, thanked
tire Horae Secretary .
for • reporting the facts
to the House at the first
opportunity.

Mr Jo Grtanmond (Gib.
Orkney and Shetland), asked:
“Can you tell us what the
functions of the Queen's
Police Officer are and whether
these Incidents came to light .
only -during these inquiries -
that were going on or whether
ft.. was quite separate from
that?"

The Home Secretary
replied: “It is separate from
that.. The Queen’s Police.
Officer’s duties are in fact to
protect (he . Queen in matters
outside the palace and on all
her visits outside.”

Mr Patrick McNalr-Wiison
(Con. New Forest), asked
how long Mr Whitelaw .had
known about the Commander.
Mr While! aw replied: “Since
9.15 this morning.”

Companies may be
ordered to defy
U.S. pipeline embargo

BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT .

A WARNING was given yester-
day by Mr Peter Rees, Minister
for Tr.ide, that the Government
i* -prepared to take tourer
action against. the United States
over rhe .U.S, embargo on
equipment for the Siberian
pipeline.

This could include instruct-
in.? all companies' in Britain to
defy the restrictions imposed
by the U.S.

Already the Government- has
put into operation Section 1 of
the Protection of Industry Act.
stating that the action of the
U.S. Administration is damag-
ing to British interests.

Mr Rees reinforced this warn-
ing yesterday by promising that
his department would not
hesitate to activate, further sec-
tions of the Act “ depending on
how the situation develops.”

It is understood that the next
step, under Section 2 of the Act,
would be to require ail British
companies to provide complete
information about .their orders
which utight.be affected by the
U.S. embargo.

Mure important, under
Section 3. the Government
would, .instruct all companies
operating in the UK. and subject
to UK Taw, not to obey Presi-
dent Reagan's order on the.pipe-
line.

This would be particularly
important to the John Brown
-Company, which has an order
for 21 turbines for the pipeline.

So -far six. of these have been
. completed employing a rotor
supplied by General Electric of
America.

If the Government activated
Section 3 of the Act. these six
turbines could be shipped to the
Soviet- Union irrespective of the
. U.S. edict.

In the .Commons. Mr Dennis
Can a van (Stirlingshire West),
said the Prime Minister should
bnn«r pressure' on President
Reagan in order to help John
Brown. He said the John Brown
order worth over £100m was

Peter Rees: British views made
known to UA

being put in jeopardy by the
U.S. embargo.

Mr Rees said be bad already
expressed to the U.S. the
Government's strong objection
to the American restriction. He
had emphasised the harm' the
measure was doing in souring
trade relations between the U.S.
and countries in tbe European
Community.

“ I did stress the very damag-
ing impact these regulations
could have on British com-
panies.”

Mr Mark Lennox-Boyd (Cons,
Morecambe and Lonsdale),
asked whether the U.S. had
managed to explain its attempt
to coerce European states into
applying sanctions. He com-
plained that the U.S. action was
taken while they themselves
were exporting vast amounts of
grain to' the Soviet Union.

Mj Rees assured hdm he had
pointed out this anomaly to the
Americans, and had not been
“entirely persuaded" by the
explanation they had given him.

BA ‘manipulation’ denied

ACCUSATIONS that tbe Govern-
' mem is manipulating the
accounts of British Airways in
■an attempt to make the state-
owned airline more attractive to
would-be. buyers were firmly
denied- yesterday by Mr lain
Sproat, Under Secretary for
Trade.

Mr Barry Sheer-man ' (Lab
Huddersfield - East) had said
there were rumours that behind
the scenes Mr Sproat was
attempting to "manipulate and
.massage " the. accounts to make
the airline more saleable. Such
action would- only make the air-
line weak, whether it was pub-

licly or privately owned, he
: said.

To Labour jeers, Mr Sproat
said selling off the airline
offered the chance of getting it
“off the backs" of taxpayers.
“ It is our firm expectation that
British Airways will be placed
into private sector hands next
_year-—to the gratification of
.British Airways, its employees)
and passengers.”

Mi! John Smith, -shadow Trade
Secretary,, attacked the decision
to axe a farther 7,000 airline
jobs.

Mr Sproat said the reason was
that British Airways wanted to
be .profitable.

More ships
needed by
Navy, says
Du Cairn

By Ivor Owen

A MAJOR reappraisal of the
defence budget to ensure that
the Royal Navy is provided with
“ many more ships " was
demanded In the Commons last
night by Mr Edward Du Carm,
MP. for Taunton, and the
- influential chairman of the 1922
committee of Conservative
back-benchers.

There were cheers from both
sides of the House when Mr
du C airn, speaking in a debate
on the Royal Navy, declared:
“ To those who say, 1 we cannot
afford it.' I reply that we cannot
not afford it.'*

Mr Peter Blaker. Minister of
State for the .Armed Forces,
confirmed that the Government
was no longer prepared to sell
the aircraft carrier Invincible
to the Australian Government.
But- he .was subjected to
repeated interventions, mostly
from the Tory benches, pressing
for- a strengthening of the Navy
His pledge that in the light of
the experience gained from the
Faiklands campaign the Navy
wmld now be provided with a
force of three carriers instead
of two. as previously proposed,
was widely welcomed but also
brought renewed pressure for a
reversal of the derision to dose
Chatham dockyard and run down
Portsmouth.

Mr John Nott, the Defence
Secretary, was reminded by Mr
du Cann of the recent statement
by Admiral of the Fleet Lord
HilJ-Norton. a former Chief of
Defence Staff, that had the
Faiklands crisis occurred in
three years- time, Britain would
not have been able to -master
a task force

He challenge the Minister
“ What are we doing — what
mast we do^-ta disprove that
apparently informed assertion?”

Mir da Cann looked for signifi-
cant policy changes in the
Defence White Paper due to be
published before the end of the
year in which the Government
will reflect the lessons learned
from the Faiklands operation.

He insisted: that there most
be a dear analysis of the UK’s
defence requirements— not just
a statement of what could be
afforded

Security statement

Mrs Thatcher is to ' make a
statement in- ‘the Commons
today in, view of growing specu-
lation that a major spy «u-and«i
is about to erupt.

Hie. Prime. Minister. has been
subjected siqee Friday to in-
creasing pressure from MPs
Mr Geoffrey Dickens (Con,
Huddersfield West) yesterday
abandoned bis; plan to demand
an emergency Commons debate
on the subject when he heard
of the'Prime Minister’s derision.

THE FUTURE OF BRITISH TELECOMMUNICATIONS

Jenkin launches privatisation plan

TherightveMdeattheriglit '
cost. When you are operating a -
van fleet, knowing what you
are looking for is only half the
problem.

Too often .when the price •
■ is right the vehicle is rf t And the
total cost of operation is some-: :
thing you carit always predict,
when reliability is such an
important factor:

The new Sherpa was put
through its paces by a stunt
driver, in a series of unortho-
dox but punishing tests/

. - It was driven off a three foot
ramp at speeds.up to 50 mph
and it emeigedintact. dramatic
proof of its basic strength. and
durability.

- Vertical body seams and a-
. new cathodic electrocoatpaint
. treatment are a part of a 16
stage anti- corrosion process.

Altogether the new Sherpa
embodies over twenty five

PLANS FOR THE privatisation
of the British telecommunica-
tions industry were announced
in the Commons yesterday by
Mr Patrick Jenkin. Secretary
of State for Industry. He told
MPs that the earliest oppor-
tunity would be taken .to intro-
duce legislation which! while
keeping British Telecom as a
single enterprise, would allow
a majority shareholding by the
private sector.

Mr Jenkin’s full statement
was: "It is the Government’s
aim to promote consumer
choice. Wherever possible, we
want industrial and commercial
decisions to be determined by
the market and not by the state.
We believe -that consumer
choice and the disciplines of
the market lead to more stable
prices, improved efficiency and
a higher quality of service.

“Since the British Telecom-
munications Act 1981 received
Royal Assent less .than a year
ago. some progress has been
made in breaking the state
monopoly in telecommunica-
tions. I have licensed . the
Mercury Consortium to provide
. a new teleco mmuni cations nct-
. work in competition with BT.

I intend shortly to issue a
general licence permitting all
bona fide value-added network
service operators to use the BT
and Mercury networks. The w l ay
is now opening for the private
sector to sell telephone
appartus direct to the public.
Liberalisation of telecommuni-
cations has started and we
intend to see it through. For
BT. the prospect of competition
and the advent of new techno-
logy are now stimulating them
to provide a wider range of
competitive services. I pay
tribute to the way Sir George
Jefferson and bis board are
transforming what was not so
long ago a Government Depart-
ment into a commercial orien-
tated business. We now want
to take the next step.

“As a nationalised industry
BT does not have direct access
to financial markets. Its borrow-
ing is controlled by Govern-
ment and counts against the
public sector borrowing require-
ment To bring inflation under
control these borrowings have
inevitably to be subject to strict
limits. But external finance is
only part of the picture. In
the past monopoly power has
allowed BT- to 'raise prices to
finance investment without
doing all that could be done
to increase efficiency. Around
90 per cent of B*Ts investment
programme, about £2,2 00m this
year, has been self-financed. By
self-financed I mean, of course,
customer financed: BT*s charges
to customers not - only cover
current running costs but are
also paying for 90 per cent of
new investment As a result
charges have risen steeply
while investment is still not
enough. Unless something is
done radically to change the
capital structure and ownership
of BT and "to provide a direct
, spur to efficiency, .higher invest-
ment would mean still higher
charges for the customer.. The
Government, BT and the
general public would 1 find that
unacceptable. We need to free
BT. from traditional forms of
Government control, 1

“ We waffl therefore take the'
earliest opportunely to introduce
legislation which, -while keeping
BT -as a single enterprise, wffl
enable it to be converted into a-
Companies Act corapany.Btnstish
Tefecommutocattons pic. The
legislation wfH allow the sale
of shares in that company to the
pubHc. It is out intention, after
the next eXeckwi, to offer up to
51- per cen of the shares on the
market m one orrno/e tranches.

“ Once half of the shares have
been soSd, the Government wHl
give up control over tire com-
mercial decisions of BT pk:. BT
pic wifi be outside the public
sector;' its borrowing wSM cease
to be subject to Exchequer
control, and it *wiH look to its
shareholders and the markets
for its external finanrirt g It will
be for the board of the company

Roger Taylor

Hr Patrick Jenkin (right). Secretary of State for Industry,
and Hr Kenneth Baker. Minister for Information Technology,
answering questions at a Press conference on the Govern-
ment’s plans for the telecommunications industry

to deride when and how much to
borrow, taking account of
internal factors and market
conditions m tire same way as
any other private sector
company. This wffl4 moan not
only a greater flexttraltty for BT
and less pressure on consumers
am) taxpayers, bat afeo that BT
wsHH be subject to proper market
disciplines. BT win be in a
position to provide better
services which are more respon-
sive to customer needs like
those provided by the privately-
owned telephone companies m
the United States.

“ BT pk: wflll nevertheless
dominate tire British market tor
telecomrmiinecatDons for some
years yet The Government
considers therefore that there
watt be a need tor regulatory
arrangements for the industry
to balance the interests of those
supplying fidecommunfoations
services, their customers, their
competitors, tbesr employees,
then- investors and their
suppliers. Tbe legislation wttfl
reform the arrangements for
licensing teierommunications so
as to end BTs exclusive
privilege and ' its rote in
licensing. Instead, there wall be
a new Office of Tetecbmsmmi-
catioms, modelled on tire Office
of Fair Trading, under a
director general a ppointed by
me. He will have powers scnxHar
to those of the Director
General of Fair Trading. He wiH
oper ate with tire same degree of
independence from Government
It will be bis jo4> to'emsnre fear
competition and fear prices.

In an accompanying White
Paper, the Government said the
background to the Minister's
statement was Its “realisation
that technological developments
in telecommunications,' includ-
ing digital techniques, fibre
optics and the rapidly growing
range of terminal attachments
and network services means that
state monopoly in telecommuni-
cations with all its inevitable
disadvantages can become - a
thing of the past The British
Telecommunications Act 1981
received the Royal Assent less
tiian a year ago and since then
substantial progress has - been
made m five directions.

1 — Last February, the Secre-
tary' of State for Industry
licensed Mercury Consortium
co n sisti n g of .Gable and Wire-
less. British Petroleum and
Barclays Merchant Bank to run
a new telecommunications net-
work in competition with BT.
Mercury plans , to start provid-
ing services to business sub-
scribers early 'in 1983.

2 — The BT network is increas- .
ingly being used by other firms
for a widening range of network
services. A general litehee per-
mitting all bona fid value-added
network serviced- operators to
use the BT and- Mercury net-
works is to be issued shortly.

The rules in Britain wiU then
be among the most liberal in
the world. A whole new industry
with all that means in terms
of jobs, is emerging to provide
new systems and services, not
only here in Britain but for
export to the rest of the world.

“ The legislation will contain
provision to safeguard existing
pension obligations. There will
also be special provisions to
ensure that those employed in
BT can acquire shares in the
company.

“Finally, the legislation will
reform the Telegraph Acts
which were passed in the last
century. We need to recast the
law to make. it. relevant to the -
tecbnoiogyof today and -tomor-
row. I will be issuing a consul-
tative document on this aspect,
shortly.

“Because these proposals are
far-rea chi-rig and will affect a lot
of people, I am today publishing
this statement, with some addi-
tional background information,
in the form of a White Paper.

“ These proposals follow
naturally from the liberalising
measures passed by tbe House
last year. It would make no
sense to stop half way. If those
who work in telecommunica-
tions are to provide the range
and quality of service which
modern technology now permits
and if they are to do so in com-
petition with each other, it can-
not be right that BT should
remain subject to the web of
Government interference and
controls which are .the inevit-
able lot of an industiy which
enjoys the privilege of Ex-
chequer finance.;

“ The quality of the service
which any enterprise provides
depends upon the Skills* energy
and leadership of the people
who work in it. We want to
provide those, people with the
environment — market, financial,
legal and structuralr—which will
free them to give of their best
“ In the view of she Govern-
ment, that is what the piroposed
legislation wfH do. I look for-
ward to its early introduction.”

3— “The way Is now opening
for the private sector to sell
telephone apparatus direct to
the public. The first standards
for telecommunications appara-
tus wiU be approved soon, and
the new .British Approvals
Board tor Telecommunications
is ready. to receive applications
from manufacturers . seeking
approval of .apparatus under the
new stan dards . The attach-
ments industry-must now gra$p
the opportunities it -is being
grvente compete with BT to get.
subscriber's' custom. Competi-
tion to -win nferket share, here-,
at borne wiH make tire industry
more competitive abroad.

..'44-Sir George Jefferson and
the.BT board have .recognised ■
that inefficiencies/ tolerated -
when BT- was an unchallenged
monopoly can no longer be

y ■..**'

afforded in the-tte* wn£*titive
climate. '-j '■

3— And ' perhaps ■ ' most

important of. all, .after decades
of monopoly, the • prospect .of
competition and the. advent-^f
new technology Ace stimulating
BT to respond to market
opportunities. BT is providing
a new array of sendees, especi-
ally the CUy.Overfay in .the City
of .London, usine mftsrowa’ire
radio and other, techniques, BT.
which has.* proud st^. to.. feu
in the development of optic
fibre and submarine cable at its
Martlesham Research Centre; is
' beginning to exploit- Its techno,
logical strengths in tire market
place. ■

•‘The Govemmenc- betoeves
that this is only a beguminq.
There is a long way logo. 'Until
I960, the telephone seriiee-Ww
run as a Civil Service -depart,
ment with all that that meant
' in terms of organisation,
management, and abdwK in
attitudes. The BT Afrr“19Rt
herakled nothing less than a
cultural revolution to : BTt' : The
Government now wantto take
that revelation a stage Further.

44 Sir George JeffersbnTilre BT
board and the BT onions have
been united in criticising tbe
method by which the telecom-
munications investment 'pro-
gramme is financed. Their
criticisms have arisen because
these " borrowings harif inevit-
ably . to be subject w. strict
Treasury control. But external
finance is only part of -(he
picture. In the past, monopoly
power has allowed BT to raise
prices to finance investment
without necessarily finding
every opportunity to save run-
ning costs by improving, effi-
ciency. It is a fact that &rpuod
90 per cent of BTs. investment
programme, about £2^00» tiMs
year, has been financed out' of
customer charges. Ultimately,
of cour s e, current and capital
costs are all borne by the easte-
rner; but the present ban oa
access to external funds means
that today's customers are mak-
ing a bigger contribution to
capital costs than might be war-
ranted if normal private sect®
financial and commercial cri-
teria were applied.

“ There have been intensive
efforts to resolve this dilemma.
The Government Is considering
the possibilities of the * Bazby
Bond * but that would still be s
form of Government guaranteed
borrowing and would leave BT
subject to Government inter
ference and control."

. Another option would be to
relax the PSBR -rules. ' That
would be unacceptable since
the Government's controls- on
borrowing . are. .an_ .essential
weapon in the fight against in-
flation. The. Government
believes that tbe -only way
forward is to free BT from
Government control. That
means transferring BT*s busi-
ness to. a Companies Act com-
pany and selling a majority of
tire shares in it to the public
The company will then be free
both to borrow- outside the
PSBR and to act. Independently
of Government controls. This
structural change ■ combined
with: the introduction of com-
petition wffl ensure a ' new
partnership, between the -public
and private sectors "which the
Government believes will be
able t o tak e BT forward into
the . twenty-first centmy.

The issues are " central' to
much of oar ' industrial future
as a country. The Gov ernm ent's
policy will determine the shape
and direction of telecommunica-
tions for many years to come.

It is dearly important that the
legislative changes made Should
Be .. right . Accordingly, the
Governrfamf invites views hi
writing. which should be sent to
Miss'G. M. A- ‘Lambert, Depart- .
ment of Industry, Ashdown
House, 123, Victoria Street.
.London SW1E 6RB, by, August
30.- ... — -■

The. -Future of T eleconimuni-
cations in Britain, CmndSSlO.
BMSO £L25.

Election issue for Labour Party, Orme says

BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT

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And welcome you to a list of satisfied
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THE ANNOUNCEMENT that
the Governments intends to
privatise British Telecom and
put 51 per cent of the shares on
tbe market after the next
general election met with bitter
opposition from the Labour
Party in the Commons.

“ We will make this a general
election issues,” said .Hr Stan
Orme. La boor's industry spokes;
man. “ W e will fight to protect
the national network under
public control and under
British Telecom."

Mr Patrick Jenkin, -the

Industry Secretary, made it
clear that the Government wel-
comed this challenge and was
willing to contest it as an
important issue at the next
election.

Mr Jenkin received full-
hearted support from Conserva-
tive backbenchers. The scheme
came under unanimous attack, .
however, from the Labodr
benches, particularly from MPs
sponsored by the Post Office
anions.

Concern was expressed about

the passible effect: bn -the pen-
sion fund of BT. workers. But
Mr Jenkin gave repeated
assurances that pension rights
would be fully protected al-
though he said same of the
money raised .from the sale
might be used, to fund pre-1969
pensions.

Concern was also expressed
on the Labour benches' that
rural areas would suffer under
the new arrangements; Mr
Jenkin insisted that, 'rn fact it
could mean that "they would get
a better deal owing to. advances
in technology.

Mr Orme described it as a de-
pressing statement for British
industry. Why, ’-he wondered,
had the Government taken this
action when BT was improving
services and productivity and
developing new' technology?

These proposals wiffl destroy
the. morale of management and
employees” he declared.- -

He was also worried .about
now the Government ..would
price _ the shares ■ .and what
criteria they ' would use.

Debate on health strike

“What guarantee will there
be that there will, not be a
further Amersham Interna-
tional scandal?”

He asked why Mr Jenkin did
not free BT from cash limits,
and just allow it to raise* capital
as a public corporation.

Mr Jenkin replied: "British
Telecom free of Government
constraint will be A new
expansionary force in the mar-
ket* It- could becotne a major
world force. .We. are . content to

allow the electorate to decide.”
..He thought it was far too
soon to atari making estimates
of the pric? at which the shares
would be offered. ’ -

Mr John' McWntiam (Lab..
Blaydon). - sponsored by the
Post Office Engineering Union,
said members 7 . Of the union ■
would receive the statement*
with horror. The Government
was proposing ’ to sell: assets
built by existing BT customers
over the years.

He was ahw concerned about
whdt measures could be taken "
to protect national security
once foreign, capital, was. in-
vested in BT. ' .

Tyburn Road, Erdlngion, Birmingham B24 SHjT^* Tel: 021-328 1777. Telex: 33864L

An emergency three-hour
debate on the health workers'
strike is to be held in the - -
Commons today.

The Speaker. Mr George
Thomas, agreed to the debate .
after an appeal from Mr. Reg
Race (Lab, -Wood Green).

Mr Race, is a former research

with rhe National .Union
of Public Employees; one of the
main unions involved in the
dispute. He said -health em-
ployees were some of the lowest
paid workers. • -

Mr Thomas said he^-wak satis 1
fled that the matter, should be
debated

Mr Jenkin told hhn that once
they understood . the . proposals
BT employees would recognise
mat there was .algreat deal in
it tor- them. The master of

security was in_ the -forefront
of the Government’s mind and
would be covered - in forthcom-
ing legislation. . ‘ .

'-Tbe terms of "the' licence,
would impose on -the- company-
the same -obligation- to’ hwintahr

the rural telephone system a 1
^at present. He believed rura
areqs lyoultfrget a better servirt
from. *,s ./company which was
. answerable to market discip
• line.

■Ilte .articles of association
■ wo uld f contain .provisions to
prevent _ any undesirable
changes*, in the ownership
■of the nwnpany, Mr Jenkin
said.. He wag a very distinctive
role, for -It in the cable trip-
. vision- revolution*, but it was
too' soah ; to say precisely what
this woufd. be.

Mr Peter Hordern (Con.
Horsham and Crawley) wel-
comed the proposals but wanted
tojcoow why they could not be
■implemented before the general
- election vfcbldv could be almost
. two years away,

Mr Jenkin rwprted: * By any
standards, even if if was -done
to tranches, the issue of thf
shares would be a very biC
ope. I would need to make sure
fine markets were right to.
receive them. There might be
some difficulties in doing that
-™ ..I? 1 * period just before a
general election. We • have
plans immediately after a«
ejection to hasten this just a*
s?on . as we possibly can.**
Asiced about, tiie possibility
of .telephone subscribers having
tbe righc to buy shares in the
company .;_.on a preferential
basis. ; Mr Jenkin . said - the
Government wanted the widest
. opportunity, for small Investors
•to 'participate. •

Financial Times Tuesday July .20 1982

TECHNOLOGY

EDITED BY ALAN CANE

VIDEO AND FILM

Decline of the sponsored
film could be reversed

Gallium arsenide is making its mark in semiconductors

Faster than silicon circuitry

IllC #

.THERE IS a tradition in indus-
' trial film sponsorship which
goes back almost to the begin-
nings of the cmemait In the
. UK, gnat company names
linked to ' that . tradition have
included Shell, Id and Uni-
lever, and others which
became big enough, to spawn'
nationalised industries — such
- as Imperial Airways, the Gas
light and Coke Company and
Richard Thomas and Baldwin
(steel, for thosetoo young to
: remember).

This tradition, of sponsorship
• has been based historically on
a great sense ofsocdal respon-
sibility, yielding , classic filing
such as Housing Problems,
Enough to Eat, even Robert
Flaherty*® Nonookof the North
— made in 1922 and effectively
sponsored by Revillon Frferes,
a fur company.

Since those days, the con-
cept of sponsorship -has
become slightly sallied, not
helped by the debasement of
the word on UJS. television and
the growth of sporting promo*
Hons. Now' that video- has
arrived — together with hopes
of other new distribution out-
lets such as Channel Four in
UK and cable TV in many con-
tinents — the decline of the
sponsored, film 7 could be
-reversed.

That It has declined. ~ few
would deny. The quantitative
decline has been partly due to
. a lighter rein bn money— with
companies expecting more in re-
. turn for every pound spent and
not helped by 1 be general drift
away from film, viewing and the
difficulty in finding audiences
with time to spare. •

The decline in quality, a more
contentious issue, in my own
view is inescapable and is
merely part of the general
social syndrome where craft and
art have been driven out . of
functional activities. .

For industrial and commer-
cial sponsors, television and
video now start to offer some
prospect of rediscovering the
audiences _ which 16 mm. Aim ,
has lost The big white hope in
UK at present Is of course
Channel Four, whic h e v en
though it eyes the sponsored
61m suspiciously, as if it might

BY JOHN CHITTOCK

- i ... •

do - some. Insidious injury of
.which it is mot aware — is em-
powered to screen sponsored .
Sims (like BBC and JTV).

For the time-bdtng; iK>wev«r,
Chadnel Four is moving, with
caution and has accepted noth-
ing J overtly sponsored in the
first' 800 -programmes now being
prepared for the service. Hope-
fully, those opportunities wfll
come - later— especially as- the
specialised, neglected areas of
television programming peculiar
to Channel Four's brief, are also
the type of subject traditionally
favoured by the sponsored film.

Meanwhile, Sponsorship for
the home video market has'
arrived. Rothman, with a his-
tory of the world soccer cup,
Courvoisier on teaching golf.
Pedigree Petfoods on dog care,
have been among the early
starters with specially-made,
programmes. Hardly in the
class of Nanook of the North,
but better things may come
soon.

At least two International
companies have Impressive
plans for socially important sub-
jects aimed at video viewers —
and others are working away
at ideas.

Golfing tips

Courvoisier has been encour-
aged- to sponsor a second - on
golf— -Tips from, the Masters (at
the Dunlop Masters Tournar*
ment). This will sell at the sub-
sidised price of £14J95p per
copy, Michael Barratt, the pro-
ducer, also has another' ready
for launching. Bar BQ. or how
to run a barbecue, and spon-
sored by a tobacco company.

Here, of course, comes the
Tub. One can imagine Jeremy
Isaacs over at Channel Four
curling a fierce Scottish eyebrow
and' saying: U I told you so.”
"What he will make of the news
that a second tobacco company,
Rothman, are paying for adver-
tisements to go to videocassette
feature films released by Inter-
vision may be unrepeatable.

The Intervision deal, believed
to be worth £im. for the one
year Contract, will place
tobacco product advertising at
the front of adult and X-rated

video-cassette films in the Inter-
.vision library. . No doubt there
will be protests (Action on
Smoking and Health have, pre-
dictably. reacted already).

Advertising on videocasseftes
was inevitable and some con-
sumer programmes are being
produced solely as a vehicle for
advertising — such as the Holi-
day Video Brochures no# being
offered by Pebblebond Inter-
national. These are to be
tailor-made for te«rihqg tour
operators, will be distributed
vm travel agents sax d loaned to
consumers free of charge and
wSH, of course, contain “ travel-
reLated” advertising.

Yet advertising on video-
cassettes may have less of a
future than outright sponsor-
ship, because the messages of
advertising bend' to be
ephemeral-- tike television and
newspapers — needing instant
impact with large audiences.

But sponsorship of video
programmes could offer a
return spread over years, going
on earning revenue and con-
adecable prestige— such as
happens with ***& highly-
successful books sponsored by
Shell about the co mm ya d e,
nature and travel

All of which comes bade to
where we started . wtth the
sponsored film.' Shall has been
a substantial force in forging
the reputation and integrity of
sponsored film. Such qualities
may be. urgently needed in the
sponsored videocassette busi-
ness if it is to give statute to
the medium as happened with
sponsored documentaries In the
cinema. The penalty, if video-
becomes too rooted in the razz-
amatazz of marketing and adver-
tising, will be debasement of
the medium.

Regrettably, the SbeH UK
company — which also handles
the sponsored books — has no
plans as yet For others willing
to take a long-term view' of
public relations based on the
new media, it is an exceptional
opportunity to engrave a com-
pany name in the history of
video —if handled sensibly.
They might even then gain
Jeremy Isaacs* approval and
win a Channel Four seal of j
integrity. ]

opens new

NIPPON Telegraph and Tele-
phone (NTT) last week claimed
a breakthrough in a branch of
semiconductor technology which
could lead to computers running
on light rather than electricity
— the so-called ** optical com-
puter.”

What NTT claimed to have
-done was to build semi-
conductor chips which could
.directly amplify incoming opti-
cal signals 300 to 1,000 times;
current technology demands
that the in comi ng light signal
be converted to electricity, the

electrical gj gTiaJ amplified using
conventional circuitry and the
amplified signal converted back
to light pulses.

Western light specialists are
interested but sceptical. Hr
Richard Pixmdf of the laser
group at Standard- Telecom-
munication laboratories,

Harlow, said the theoretical
snags involved in optical ampli-
cation were well known; he
would be interested to see bow
closely the NTT results
approached - the theoretical
limits for these systems.

But the NTT work depends
on and highlights a semicon-
ductor material, gallium
arsenide, which is becoming
seen as increasingly important
in microelectronics.

It is overcoming its unfortu-
nate reputation ns the wonder
material in a world where
everybody agrees that silicon
semiconductors wDl remain
dominant

Now it is beginning to make
its way out of the laboratory
and Into a number of applica-
tions —it is already used in a
number of conventional pro-
ducts. The red light entitling
diodes which characterised dis-
plays on the first generation of
electronic calculators were
gallium arsenide phosphates nr
indium arsenates.

It is also used in the high-
powered lasers winch drive
light of a single wavelength
down optical communication
fibres— usually as compounds
such as gallinnj indium aiserade
phosphate.

Why nil the excitement about
gallium? Basically, speed and
power.

A computer constructed of
chips implemented in g«Ufaiwi
arsenide (GaAs) could run con-
siderably faster than one im-
plemented in silicon. Further-
more, such chips draw less
power and so need less
elaborate cooling.

BY ALAN CANE~

SILICON HMDS

SILICON CMOS

GaAs MESEET

SEPHS0B JUNCTION

J 0SEPHS0B J

Comparison of Speed /Power
Capabilities of Competitive
Digital Technologies

POWER DISSIPATION / LOGIC GATE

Saom;Sv>ttqtc

Propagation delay is a measure of speed; NMOS is the most
popular silicon technology today; CMOS needs less power.
Josephson is a technology of the future

The list of laboratories work-
ing on GaAs Includes Bell
Laboratories, Burroughs, Hew-
lett Packard, IBM, ITT, Texas
Instruments, Philips, Plessey
Thomson CSF, Fujitsu and
Hitachi

But GaAs is expensive and
difficult to handle. Researchers
who have worked with the sub-
stance for many years describe
it as a “beast" and a “swine**
of a material

It can be dangerous to handle,
and in certain conditions wilt
explode. Major efforts were
directed towards the develop-
ment of GaAs integrated circuits
in the 1960s, but these eariy
experiments produced only dis-
appointing results.

Unlike silicon, GaAs did not
have the capability to form a
useful oxide — in silicon semi-
conductors, the oxide can be
created on the surface fairly
easily where it arts as a natural
insulator.

The tried and tested tech-
niques used to fabricate silicon
chips could not be applied to
GaAs.

• But, two developments in the
1970s opened the way for. a

renaissance in GaAs tech-
nology.

First, the invention of a type
of transistor — the Schottky-
gate field effect microwave
transistor or MESFET — suited
to the structure of GaAs made
possible the fabrication of inte-
grated circuits with GaAs as the
substrate material.

Second, ion implantation —
shooting ions of a given sub-
stance directly into the GaAs
substrate — overcame the
problem that GaAs would not
stand for the high temperature
diffusion processes common in
silicon chip fabrication.

Furthermore, new methods
were developed to provide GaAs
crystals of much better quality
than had been available in the
early experiments.

. According to a recent report
from the U.S. consultancy Stra-
tegic Incorporated' 1 ', GaAs' tech-
nology should begin to compete
with silicon integrated circuit
technology because of its sup-
erior speed/power characteris-
tics as component density on
chips is improved: “ GaAs inte-
grated circuit technology should
become the super very large

scale integrated circuit techno-
logy by the end of the decade.”

GaAs circuitry is expected to
find its chief applications in
“ office of the future systems,"
especially those involving satel-
lite transmissions.

The Strategic report notes:
"The. high speed capabilities
inherent in the GaAs structures
will provide the most cost effec-
tive means of implementing the
satellite business communica-
tions functions.

Not surprisingly, one of the
earliest IBM-related GaAs IC
developments has been in the
area of high frequency /low
noise amplifiers operating at
conventional satellite microwave
frequency ranges."

It goes on “The area offering
greatest potential for GaAs tech-
nology application is in voice ;
entry to computer systems . . . j
the problems involve a complex
task of pattern recognition using
very high speed signal process-
ing. Fortunately, the inherent
capabilities of GaAs technology
provide a suitable match and
solution for these prbolems.”

But the area of application
which excited the earliest
interest was the prospect of
faster (conventional) computers.
Fujitsu is thought to have taken
something of a lead in the
development of supercomputers
based on GaAs chips and to have
implemented part of a central j
processing unit on a GaAs gate
array integrated circuit

The Strategic report- warns : i
“ U.S. computer manufacturers I
should pay particular attention
to Fujitsu’s 'progress.- If
Fujitsu’s efforts are not taken
seriously and if similar develop-
ment programmes are not
initiated in the U.S„ Fujitsu is
likely to become the world
leader in the large mainframe
computer marketplace based on
the use of GaAs IC technology,
pulling Amdahl along for the
ride."

The Strategic scenario is per
haps over dramatic: few semi-
conductor specialists believe
that the problems of working
in GaAs will be solved quickly
enough to give i t the advantage
over silicon: if NTT has solved
optical amplification using GaAs,
however, the supercomputer
(either . electron or photon
based) may not be far behind.

* Impact of Gallium Arsenide.
Strategic Incorporated,avaiIable
from 1PI, 134 Holland Park
Avenue, London WI2, 01-222
0998.

THERiWDCELL

k ROOF LIGHT NSLIAHON I

■ For feU details 1*“*..

■ Tom Allison on 0904 53SS1

Metalworking

Shapecuf s
cnc cutting
machines

A RANGE of CNC cutting
machines for the metal profiling
industry has been introduced
by Shapecut of Reading, which,
since the acquistion of BOC's
cutting division by a Swedish
company, claims to be the only
major British manufacturer left
in the field.

Shapecut says that ii has
worked on the premise that it
was time to replace Line fallow-
ing systems and offer users the
benefits of CNC at sensible
prices.

Using basic bridge design
with positive drive at both ends
of the bridge, the range uses
electric dutches on the cross
travel and mechanical ones on
the long travel.

Standard machines will
accommodate 2m or 3m wide
plates, take up to six motorised
heads, while rail is in 2m
modules of any length.

Profile and positioning speed
is up to 3m per minute with
additional facilities such as
height control, water spray,
auto ignition and punch or
powder marking also available.

CNC options are either
BURNY U or BURNY IV-tee
former suited for the general
trade shop where perhaps more
than a third of the work will
consist of cutting only circles,
rings, squares and gussetts
where the dimensions can be
simply dialled in.

■ The latter controller offers
manual data input from either
tape or remote computer. A
scanner can be provided to
enable existing templates to be
traced and stored in the con-
troller or transferred to tape
for subsequent use.

The company hints at about
£25,000 for a full CNC machine
with three motorised heads, 3m
catting width and 6m of rail,
including installation.

Shapecut is at Perimeter
Road, Woodley, Reading, Berks
0734 696565.

Novel uses for the hard stuff

• FOLLOWING THE development
• at the company^- Schenectady
: research laboratories of a
z relatively simple and inexpen-

- give way of fabricating high

- density siHoon. carbide com-
■ ponents, GE (U.S.A.) has estab-
lished a manufacturing facility

. at Houston.

The new business will focus.
. initially,' on the fabrication of
r wear Components that take
. advantage of the material’s, ex-
ceptional hardness and outstand-
. ing corrosion resistance. Sahara
carbide ranks .= immediately
I behind diamond and cubic boron
. ndtiride and it is virtually inert.

Among the first items to be
made will be parts subject to
wear in machines such as
pumps, valves and compressors*
But GE is also considering the
manufacture of parts for recip-
rocating engines and gas tur-
bines where the high tempera-
ture characteristics and low
weight will aJso be bene fic i al .

. One of the first products wfll
be liners for natural gas wells
where the material will be sub-
stituted for tungsten carbide.
Such items are siAjected to
afarastfve-iaden gas flows at
10,000 lh/sq inch and do not
last lor®.

Test samples in silicon cAr-

bide, however, have lasted up
to two years to one very "sour"
(corrosive) natural gas well and
are still going strong.

In GE*s fabrication process,
die pressing, slip casting, injec-
tion moulding or extrusion are
employed to form. the. raw car-
bide powder into a basic shape.
It di relatively porous and weak
in this form but is then made
dense by firing

The company claims that the
resulting parts are .superior to
those produced by the more
complicated competitive tech-
niques in' which a high pressure
hot pressing operation is em-
ployed to form the basic shape.

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Viewdata

Project

planned

A TWO-YEAR investigation of
the value of the business use j
of viewdata hasbeen set up by
a consortium of firms inducting i
Sony and ICL. I

Organised by Iangton
Information Systems, . a. con- 1
sultancy specialising to elec-
tronic priWishing and viewdata,
die aims of the project are to
consolidate experiences from
the current use of view-
data throughout UK
businesses, select 30
suitable participating organisa-
tions with whom tb implement
supported business viewdata
trials and conduct an intensive
awareness and experience shar-
ing programme for all taking
part.

The project, called' “PAVE ”
is sponsored by Langton, Sony,
Prestel (the British Telecom
viewdata operation) and ICL.

They ,wiH provide financial
support to encourage the imple-
mentation of viewdata trials.
Banks are expected to join the
group shortly. •

Reviews iff progress are ex-
pected to be issued regularly
and participating users ' and
manufacturers will be given
reports of the study. ' Langtcra
will supply fufl details on
01-434 1031.

Conference

CAD view

WHAT IS thought to be the
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12

Financial Times Tuesday

THE MANAGEMENT PAGE: Small Business

EDITED BY CHRISTOPHER LOREJHZ

JS ' -.1

How Mike Jame:
won a prize, but

The man who went op the

tat

then went under

Tan Hamilton Fazey reports on the demise
of an enterprising company

IF TENACITY were the only
requirement for business sur-
vival, then Mike James would
be a candidate for immortality.'
But it isn't. Despite an around-
the-clock working day James is
yet another small businessman

• to have lost his company in the
recession*

He has not yet lost hfis
greatest personal asset, how-
ever: the unique product he
invented. Its U.S. patent is still
pending but those for the UK,
West Germany and Australia
have already been granted to

ftim.

James’s company was
launched at .the end of 1980

• with a great deal of publicity.
He had won a major prize in
the first Liverpool Enterprise
Competition, organised by the
city and the local business conn

■ rauudty. The prize was £15.000

■ and two yearn rent-free in a
5.000 square foot factory.

There was a civic opening,
attended by pohticdans, digni-
1 navies and business leaders. The
' future seemed rosy. Yet, 18

• months later, his factory is shut
down, his manufacturing com-
pany is in liquidation, his six
employees are on the dole, and

■ the product is only still alive

■ because one of James's custo-
mers has set up a partnership
with him to keep sales, mainly
from stock, ticking over.

The winner of the second
Liverpool Enterprise Competi-
tion is due to be announced
next week. The story of what
happened to the first one is
something that the embarrassed
_ orgarraers hope wall not 'be
! repeated. James was perhaps
the one small businessman
Merseyside needed to see suc-

• ceed. so why did he fad? The
lessons are there for aU to see.

James invented a new con-
cept in fish-tanks, one that was
Eight enough to be mounted on
the wail. By malting bt long,
thfin and shatfuw, he maxlnrised
. the surface area available for
oxygenation, so that about 20 .
fish could be supported by only

■ three and a half gallons of
water. He called it the Aqua-
shelf . and his company
Aquarama.

His biggest problem proved
to be the conservatism of the
retail pet trade and overcoming

this was the prime marketing
objective of his first year. He
had already worked out that
his best sales outlets would be
the furniture departments of
large stores — he was setting a
luxury item of decorative furni-
ture, not an aquarium for
hobbyists — bat' he knew that
without credibility in the pet
trade, the Aquashelf 1 would be
criticised in the shops where
people went to buy their fish.
And this could result kt
customers demanding . their
money back.

Pedigree, a pet-food manu-
facturer, featured James and
his tank in a fall colour adver-
tising campaign for its Aquarian
fishfood range. But despite
this endorsement, and others
from leading zoologists, many
potential customers were still
sceptical and rival manufac-
turers of traditional aquaria,
not unnaturally, lobbied against
it.

“ jama’s c om pan y was bmrdied at the end of 1*80 with a great deal
of publicity,” including a report on this page

James eventually proved bis
invention by offering it for trial
to leading writers in the trade
press. Their ecstatic reviews
gave the . product credibility.
But unfortunately all of this
took most of 1981- James had
expected much faster accep-
tance. Indeed, his forecasts
were for first-year sales of
£150,000 and a small profit.

bistory was not so well known,
liquidation ensued.

James was. of course, over-
trading, spending far more
than his first year sales justi-
fied, given his performance.
Yet many of his costs were
unavoidable: wages £22,000,
materials £10,000, factory
refurbishment and plant
£10.000, rates £3,000. services
£2.400. fuel and power £2,000.
transport and .carriage £4,000,
telephone and office £2,000,
salesmen's commission £3,500,
interest charges £2,000,. profes-
sional fees £2,000 and bad
debts £5.000.

After set-igp costs he retted on
financing practically everything,
out of income while trying to
break new ground in a conserva-
tive industry.

His mistake was probably not
to be ruthlessly pessimistic and
promise profits only in the third
year, not the first. Then he
would probably still have been
on budget today. As with many
small businessmen be was short
on advice in this area and too
inexperienced to know when to
ask for iL

The reality was sales of
£37,000 and first year losses of
£70,000.

On top of that promotional
costs were inevitably heavy,
given the scepticism of the pet
trade and the novelty of the
product.

Ecstatic

So even though future pros-
pects looked brilliant, with full
order books likely for years to
come, James was forced to con-
front the first immutable rule
of all business trading: - it is
today's bill that kills, not
tomorrow's order that sustains.

In his case, the Midland
Bank decided that a £38.000
overdraft was too high a risk
and forced him into liquidation
In January. Seven months on,
James has still not got over
the shock. He had kept his
bank manager fully informed
of progress but the branch
concerned was downgraded on
the manager’s retirement
When Aquarama's account
came up for transfer to a
larger office where James's

James says that he was never
really worried because tilings
were clearly moving. An order
from - Hong Kong worth more
than £0.25m a year is still a
possibility, and the Aquashelf
was weQ received elsewhere
round the world. Large depart-
ment stores in the North West
and the South East had accepted
the product: it is still setting
steadily in both regions. He
believed that expansion into
other major cities alone would
put. the second year finances
into break-even, with profits and
payback certain in 1983.

But Janies is not finished.
Pet-stocks, a wholesaler to the
trade, bought Aquarama’s assets
for £1,500 to keep the Aquashelf
afloat. James is an unpaid
partner in a company called
Aquasales, which is trading
profitably, setting a steady
trickle of AquashetEs through
several major department
stores.

There axe already nearly
1,000 satisfied customers, each
advertising his rather elegant
product in the most effective
way— -by word of mouth. The
Hong Kong deal is still in- the
offing and the patents — his
personal p ropegl y ~-could yet
lead to licensing deals in
Britain and abroad for anyone
with spare manufacturing capa-
city. And there’s no shortage
of that.

What James has proved fe
that you need conaderaWy more
financial support than he had
in order to manufacture a new
product and sustain the manu-
facturing overheads Whale estab-
lishing the produces market.

A marketing man affl his life,
James is ever optimistic. Bat
he is chastened by the thought
that manufacturing is probably
not the way to become rich. He
is -sure Ths product will one day
make someone’s fortune. He
just hopes it is his own.

Life -out in the

Arnold Kraosdorff on the mixed results of one man’s decision to become a^netwakeif

r. '3

NINE MONTHS ago Roger
Walker gave up his £16,400-3-
year job as a regional personnel
manager, together with its
attractive package of perks, in-
denting a company Rover.
Today he has an unaudited set
of his own company’s accounts
and a Mini.

Life beyond the ramparts of
big business is certainly less
easy. “It’s cold outside. " he
says.

Yesterday’s article on this
page described how 37-yea r-oid
Walker (right) became Rank
Xerox’s first “networker." By
the end of next year be will
have been joined by about 150

others in an unusual experiment
mounted by bis former employer
in a drive to cut company costs.

Walker volunteered to take
himself off the company pay-
roll .last October in return for
two days of consultancy a week
for Rank Xerox, carried out at
home- over a special computer
link. He uses the rest of his
working week to look for other
clients.

Nine months on. how does he
feel the experiment is going?

His Rank Xerox work earns
him £150 a day, nearly as much
as when he was a . full-time
employee. So far he has also
completed five projects for
other clients, including an
executive search, some career
counselling and writing job
descriptions.

“ Although my accounts have
yet to be finalised. . my net

income so far is probably

similar to before, although

there is still the potential for

a lot more." be says. "I. am
probably living at much the
same standard as when. I was
at Rank Xerox.

“But I am enjoying myself
more, in spile of the fact that
next month’s diary is always
so uncertain. I have a lot more
freedom than I would normally
have had and the quality of
life is demonstrably better: I
don’t have to commute and I
see more of my family.**

Lffe has changed out of til
recognition. Apart from

meetings and by his part-time
secretary, who takes enquiries
and much of the administrative
burden off him. .

When not visiting clients he
spends most of his time at
home. His office there is small
—no more than 100 square feet.
Although space is at -a premium
'it is practically furnished with
a modern desk, a swivel chair,
a filing cabinet and shelves.

. in a corner stand his only
means of communication with
the outside worid«-a telephone
and a £3.800 Xerox 820 micro-
computer with attached printer.

Apart from normal applica-
tions, the computer has a tele-
communications capability;
through a VDU “ mailbox " sys-
tem. it allows messages to be
passed between the networker
and head office. To use this
facility. Walker merely dials out
and physically attacbes the
telephone receiver to an accous-
tic’ coupler— a rubberised,
sound-proofed box.

His keyboard skills have
progressed ‘only to the two-
fingered. jabbing stage but he is
improving. —

Talk money

change in lifestyle, he has had
to acquire new skills and from
a psychological -point of view,
he and his family — he is
married with two children —
have had to coime to terms with
a new regsme.

To start with he has two.
“offices” — the one at home and
another above a greengrocer in
nearby Mitron Keynes. The
latter, which . costs £200 a
month to rent is used for cheat

Otherwise there have been
two other major skills to learn.
One has to learn how to account
for his time accurately and the
other to “ sell ” .himself — both
iff which he never had to do
before. " In order to invoice
people I have to keep a close
watch on time spent on particu-
lar' projects. I have also got to
market myself to clients and in
negotiations it has always em-
barrassed me to talk money.”

Compared with before. Walker
also says he works longer boors
and more intently: As far as
Rank' Xerox is , concerned, he
says: “ I find that I am more
committed to the company than
ever before.”

14 The consultancy arrange-
ment means there is a more
trusting relationship and I find
I .pour more into it. I am far
more conscious than before of
giving good sendee. When
you're out . you suddenly realise
how much the company feeds
you. *’

Walker's lifestyle has
changed in other ways. Al-
though he retains dose ticks
with Rank Xerox and other
clients, he has largely
abandoned the role-playing
associated with corporate life.
Now that he is self-employed be
is also very cautious about
spending money.

As Rank ■' Xerox's self-
appointed guinea pig. Walker
has so far. submitted three
reports ■ on his personal
impressions of his new way of
life. All have stressed a. number
of psychological and practical
problems.

While believing that the con-
cept of a staff member working
from home has great attractions
for both company and indrri-.
dual, he warns that the advan-
tages of the home . base must
not be oversold.

“There are strains and
stresses from working in the
home environment .that must be
recognised: .also particular
individuals may nbf be able to
raise the necessary self-
discipline needed to make home
working a real success.”

the experience would not
suit all. types of staff per-
sonality, he says. A networker
needs to have a ‘'cavalier”
attitude to life to enjoy it.

Walker lists many psycho-
logical problems. Among them
are the frustrations that arise
from loss of power and influ-
ence, and the loss of direct
feedback from colleagues. The
experience also brings a “ feel-
ing of being ignored, untested
and, maybe, unmeasured,” be
says.

•** We all need to feel a sense
of achievement, and . get recog-
nition— the more . immediate
the feedback the better. Con-
sultants often do not get
enough , positive feedback,
although negative! vibes are
quickly given:”

.' Walker also recalls “ a

human warmth.. • in *au' ;
that some people feed upon ip v
get emotional strewsth” There
are. of course, opposite ‘ wfc* .
tags, tie .says, but on balance;
the warmth remrdns-^ iuit tar -
fact, certainly in the tbetaory/-^ '

Although the Rank
contract provides a regular-; !ih~
come. Walker say5-:feere; : k*ia.. :
overwhelming feeting flf aust^ - :
ity bordering on parsimony.""
Kaving .taken ' the a, .;

large multinational fer griiated
For so Iona the ■

control at a minor Jevel becomes:

- almost overbearing.” he; says,

There are problena it the
family., tavei, too. ftwuuw jofc
the gwnR-wwwork ettac. fcmily-
and friends look on ;giou.'}Ktii
suspicion, thinking ’.that you
might ' be unemployed. .-Thr
ground -needs preparing; bo&esty .
should prevail In e» oases.”, * : -

He adds: 1 Those! Vtorttug
front home With cbHdmt ; : pr:
wives at . home with
a major

be disciplined, even if you are. ..
into not coating to see you when ; "
Ihey want to.” 1

On the practical aide Walker -
says that it is very Important
to get administratwe^ 'WK Iwi.-
soon as possible: ■■TWs'-,a*mtad ■
i acted e a secret ary /typist -or .
Giri Fnday and an aecounUat-
cum-tax adviser.

11 If there is a feelirigiof frus-
tration- at aH in being-' >•- pet-
worker, it occurs whertifdeas, “
reports, memos, once written
down take so long to type 'and
send out; it is also frustrating
when you yourself are .com-
mitted to meetings^ etc. that the
booking of next week’s jobs can-
not be done because of tbe.Uck
of a competent personal
assistant. ..

Burden

“Accountancy and tax' prob-
lems are also a won?. It is best
to put . these matters in .the i
hands of someone .who knows, 1 '
and who can take the adminis-
trative burden off you. 1 rowdy
keep a note nf alf my recurpte
an d payments, . and ..keep my.
in voices in order and hand them
oyer at the' right time. -

Despite : all the - problems
Walker has no regrets. After -
nine months tic still refers to
networking as "exdfeg” and’
he remains optimistic about his
future.

Whether this will remain so.
de^riy depend* oo the level of
extra business that lie '-can
generate - on his own fa the
future.-

Contemplating
amanagement buy-out?

If yours Is a profitable operation and yon need long-term capital to fund
expansion -or for any other reason - Gresham Trust could provide the finance.

Naturally you'll want the finance packaged in the way that best suits your needs.
But bow can you be sure you’ve got it if you hawan'tfound out what Gresham can offer?
Gresham Ihistplc^Banmglion House, Gresham Street, London EOT 7HETd:0Hi06 6174.

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Profitable
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An unusual opportunity is offered by one of our
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Individuals or companies vg^ products or ideas, but
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^ ypmiial VyAn wwmMMt- PT»iSf pw^wsttMl riwiM ha ■»

least £50,000 pj.

Write to David Burns, DzracJofcB^fEngX,

CEng, MXMeohJ BL. equating raff 8195. R ar witt K ee l L td , .
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Berks. SL 4 JQI, Tbfc Windsor 56233 ,

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uy ony other pressurised aircraft in the 12.500 lb clsae.

Eagle is able to offer two excellent and very well equipped used Super
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The newly available under belly cargo/baggags pod is also offered
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Priced in the range of USS925.000 to USS1 .050.000 plus VAT delivered
Leavesdon according to equipment, age and configuration, these exceptional
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Tho aircraft are being Traded to Eagle by a leading British company in part
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For tuM derails of these unique Super King
Air 300 Convertibles, please contact :
t Nell Harrison. Aircraft Sales Director
EAGLE AIRCRAFT SERVICES LTD.

Leavesdan Airport. Watford. Herts WD2 7BY
Tel: G Breton (09273) 79811
Telex: 251502 EAGLE G

LICENSING OPPORTUNITY

A fast growing London based manufacturer has negotiated
the sole agency for the importation of a well developed
product for the restoration and repair of almost any type
of furniture. There are a range of products developed by a
European company with over 100 years experience in this
particular field and no competition presently exists in the
U.K. You are invited to apply for details of a contract which
would extend to you exclusive territorial rights in your
home county. Your customers could range from large
furniture manufacturers and retail ere to DTY outlets but the
product users and scope for marketing are extensive. Initial
capital of £5.000 would be required. Write Box G3350. Financial
Times. 10 Cannon Street, London, EC4P 4BY.

Consider
Container Leasing

ISO Containers qualify for
full Capital Allowances for
Companies.

We can supply to order and

lease-managpforyou.

Cuntact-

Mooey Ccmtaiaer Management Ltd
12 Dev ere ct Co urt
London WC2R3JJ ^K^S!
Tel: 01 3994050 124 kO> 1

Readers are
recommended to take
appropriate professional
advice before entering
into commitments

ESTABLISHED

COMMISSIONED

AGENTS

required in Great Britain to sell
a range of agricultural, industrial
and automotive lubricants and
additives, pin a comprehensive
range of. lead acid batteries.
Product range highly competitive

m price. Excellent commission
rates. Interested parties apply in
writing to:

Box F3335, Financial Times
10 Cannon Street. E C4P 4BY-.

DEVELOPMENT COMPANIES

A' long-established, privately owned, medium-sized company
operating in Canada and the U£A. is seeking equity funds for
expansion purposes.

A remarkable opportunity to gain access to the North Amerian
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Write for full details to Box W7-175, Reyndf & Son Ltd.
30/32 Fleet Street, London EC4, Advertising Agents

FACTORING?
ASK ARBUTHNOT

Ask for details of our

FACTORING & INVOICE DISCOUNTENG'SERVICES
Contact Tim Corbett -Tel 0602 598821 ■

ARBUTHNOT FACTORS LTD

4 -Stanford Street; Nottingham NG1 7BQ

or telephone London 01 63S 1301 Hastings 042* 430824
Bdetoi 0Z7Z 279555 Birmingham 021454 7%2 Leeds 0532 444570
Manchester 061 236 9777 Newcastle 063J 614546

SWITZERLAND

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■ .. . ___ Address etl replies, to:

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FORMED BY EXPERTS
FOR £97 INCLUSIVE
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EXPRESS CO. REGISTRATIONS LTD
Epworth House
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01-828 5434/5.7351.9938

SECURKOR

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For details telephone

Lloyd Adams 07*499 0121

** w®8. Financial Tunw

W Cannon Street. SC4P 4BY

WHY LEASE YOUR

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Currently operating car and vs a
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Pitta* write in rite strictest
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INTRACT HIRE LTD

COWIE CO....

Hylton Rood. Sunderland
TM: 0733 44122

We ar* organising a Nationwide
sales campaign and arc looting
. for a

. Sales Partner

who eodd participate h it with
approximately £60,000
The. article wifi prove of
excellent value tar every house
owner, new or second-hand
and will sell through the
Electricity Boards, builders
. merchants and electrical
■ . retailers

Contact the Managing Director
• of WARM EX LTD.

Schbol Lane
Swavesey, Cambridge

PBSNtt EQUIPMENT •’
MANUFACTURER

has overseas government buyers
with funding problems on .
£lm plus orders
We invite responsible ideas on
dealing, either by credit, barter
. or other means in Mid Ea«*
end East African areas
.. Write Box F33SI ■■■-
' Financial Times
• 10 Cannon Street, EC4P 4BY '

‘DOER’

WITH MARKETING
BACKGROUND?
Established - UK .Group is
setting up a company based
on a new computed graphics
system. This company will be
both a service- bureau and an
equipment sales operation
(probably in Central Londbn).
A working, partner is needed
to help set up and then, run
the new company.

•A prerequisite is that the
new partner will hare enough
capital to- take an equity
stake-

For further details call
Nigel Chapman 01-835 0993

£1 00,000 or near offer

Situated 27/35 Duke Street, Liverpool; K near Holiday Inn, BBC
5 L5i* , ? nmg Phlce Development. ; ^5J300 sq. ft. Car parking

• feeiltties. • - Vacant possession. Leasehold 52 years. Previous u»e-
allow* and planning granted tar offices, retail, distribution centre.
Ideally suited to computer business, etc^ Only genuine interest from
those able to make a quick decision, please.

Telephone: Mr PBpyfs '

Day 051 7M 7706 . '

Evenings 051 724 3353 : ’

r

Ki-

lo-

; u

. EXECUTIVE. AND
OPERATIONAL
OFFICE FURNITURE
UP TO 30% DISCOUNT
•- OFF

r Available In: ■ ■ ■
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LIGHT OAJK . -
plus complementary range'
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Detail* from: 01-805 2S6® “

. control Your, own ;

COMPANY P^ISION SCHEME

Professions! advice; Fomjetion' end
Management tit private pension i.
. . ■ schemes

: BAHLO W. CLO WB AND
PARTNERS -
. « Wamford Court.
Throgmorton Street londoo. ECZ
Tel: O1-CS0QS3

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Group with Qm- ’ tuniavvr ; -fri
exerting, produce range- requires
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v.' :■? m sua

VENTURE CAPITAL '
REQUIRED

- New company servicing the
i fuxuiy good) market needs'
additional capital for extremely
. .viable business prisposirasD.

~ Equity available

Financial Thtfas
■ 70 Cannon Ssreet. FC4P 4BV •

.1

North America
TUCSON. ARIZONA

Excellent Investment /capital gem
opportunity for passive investor le
a prime office devetopment- 14%
minimom pralerreff return and 60%
equity. . *1.8 million eonsmKtUv>

funding requited.

6LM4 W16/7
Ref: .1.0, H.

•I -.

deaeerswantsj.

Wp eoeclfjllsa.iri the supply Of »•
. • - 18M pqropnal

much , -demanded
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suppert and exceiianr discounts.

Cqntact:.

. . MICROCOMPUTER SOUHCB - .

: «.Tx|tooSq.,J^don i JiW1 SHO
- ..Teh 01-a7 4890 '

V

«

Financial ' Times Tuesday July 20 1982

13

THE PERFECT EXECUTIVE
CORPORATE JET

Two BA.C jb-H’s, short taka-off , performance, 'long-
range, perfect condition. Full range of spares and
spare en gin es. Available-far . immediate conversion
to executive layout ^

Total package miDioo:'

Apply sole agents: -
AIR EXCHANGE (U.K.) LBVfffED
1 Sussex Road; Hayward^ Heath, Sussex RH16 4DZ
TeL' 0444414081 Telex: 877139

PLANT AND
MACHINERY

CLEARANCE

SALE

Angnaf 12tfa&
August 13th.
From 9.00 a.m.

COMPLETE R\CTORY
CLEARANCEOFA
WfDERANGEOF

METAL

1 aSmgood
workingorder&t

COVENTRY 1
ENG1NESPLANT

ROAD,

COVENTRY

AD Ftemsavaifebfefor
inspection. Prices _
subject to Ytesttorfion.
No reasonabfaafter

refused.

Catalogues available
on the d^/.

For fui ti ter details
contact >

Chief Buyer Machine
Tools, Austin Rover,
Lpn gbrtdge,

02tflreSo£af9K

AUSTIN

ROVER

OKMC* OF 70 UMd.PQrlr Lift Iftcta to
eaoeUent condition. AH laadtna mates.
Vartan* eapadtlte, ooino cheap. Ewart
enquiries welcomed. ' BbTrinfitam Fork
lift Truck ud.. 4-8 Hems Road. Sattivy,
BlrmtoBtam. Tri: 021-327 5944.

DEVELOPMENT CAPITAL

■ Companies requiring development
-capital erf £80.000 upwards an
mvttod-fo contact: -
J;U.Hnsl6eMpMsef
VENTURE CAPITAL
■ Suite 127. Grand Buildings
; . Tnfatgar Square, London, WC2
. T«l; 01-223 4665/01-330 1670
;■ . 7A hours 01-979 5593

PUBLIC PROPERTY/

DEVELOPMENT COMPANY

MERGER OPPORTUNITY

.Private pr op erty Company.

tZ-Sm. cental Income £250.000 approx,
seeks 'merger, with Hated company.
Ante Include Ivie aecttoo ol rapidly
aomclating undovefooed toed with
pt m a ln g -per mftrio n.

: ’MrfzaBox T5727, FioantfatThne*

. 70 Cannon Street, EC4P 4BY.

pfets oo major IHghwaye. 70% finance
at as.% Tednctna rote of Inter est.
'• Annual pay me nt. Rare opportunity.

Shaman and Shannon. 4S1 Alexandra
. Avten*. Harrow, Middx. 01 -BBS 1225.

CAR PARKING— LODCtoo. Lens Term Sate
Storage — Fully Insured. Vatedos avall-
aMe. Tel: 01-303 4184.

BUYING OR SELLING A -HELICOPTER —
Call Martin Nash Associates Ltd. Inter-
national Meftcapter Broken. Tri: 0925
3225215. Trite 3125S9.

ntnumr managed - garden and

'■ Atenuniom Prd on. Manufacturer seeks
.Herintes op p ui UmlU e s to expand by

acwnisltioa or product tfeveiOOfnera. Pro-

posals for Board consideration to Box
' FJ547. Financial Times. IQ. Can Don
Street London CG4P 4B¥.

ntMEWR WORLD M A GAZINE and
Directory wttfa the best franchised busl-
m> opportunities. James House. 57
Hotting ham Rd- London SW17 TEA.
Tri: 24- hr. 01-767 1371.

BARBICAN. EC2. RESIDENT*. We pr o rido
mm & m»n forwarding facHnles.
tew mlmrtes walk. Mouse
totermtianaL 01-828 0898.

wttttn .
Minder*

NMKHXrrA COFFEE offered at 0w my
best prices. Please reply Id Box F.5328.
RaancM Times. 10. Caonoa Street
London EC4P 4BY.

£1 A WEEK FOR CC2 ADDRESS comMlted
wMh pone me u w B and trior undo
£4 a week. Prcsuoe often near stock
Exchange-. Menage Minders Inter-
01-628 0898. Telex: 8811725.

BREATHTAKING BARBICAN — Now ccm-
den. Tower flats to rent unfurnished.
*4.500 t»_£Z4.00^ o a Sa mYtePl i

cations welcome.

01-588 8110.

VEWI1IRE CAPtTAl REPORT. 2. The Man.
Bristol. The link between investment
tell and smaH businesses- investors
and entrepreneur, ring (02727 737222.

EQUITY INVESTMENT with tax relief.
Marriage Bureau betwe en hwuttra and
new c o mpa ni es seeks fund, for equity
Investment. Robin South. Arrow Pro-
tects Limited. Greaves Piece. London
SW17 ONE. Tell 01-672 2212: trite
8954442.

FACTORY

Manufacturing Area
in Portugal

Ready for any indus>
trial project, soon avail-
able, built up surface
6,400 sq metres, height
7.30 m. .

Connected to national
high tension electricity
grid, electric welding
facilities available,. mains
water supply and own
compressed air plant,
with surrounding expan-
sion area, on main inter-
national road to Lisbon,
at a distance of- about
80 km. Licence or part-
nership sought for a
^ product -or range of
products (not chemical)
involving high national
content. '

Write Box F3358, Finan-
cial Times, 10 Cannon
Street, London EC4P
4BY.

WESTERN

AUSTRALIA

Investment Opportunities in
Business and Real Estate
On July 21 tba Director erf on* of
Wastero Australia's loading Busi-
pass Brokers arrives In this country
to D remote the SALE or JOUTT
VENTURE of a -number at substan-
tial business and ml aetata
Investments.

To register your Interest:

. Tel: 0407 8S05S7 or
Write Bax Q8159. Financial Timas
. 10 Canton Street. EC4P 48Y

WE BUY STOCK LOTS

All kinds of consumer goods,
especially for the German market
as: technical goods, textile, leather,
gift articles, ate.

Pfemse send detailed offers tor
KAEHLER WARENHANDELS GMBH
Laogenhomsr Qriiihi 670
'2X30 Hamburg 62. West Germany;

. Telex: 21 22 13 KAWA-D

. 8.S. COMPASY
WISHES TO PURCHASE
COHTROLUHG INTEREST

In private FOREX Company.
Present management would be
retained. Reply to Bax F3357,
FlnancaJ Times, 10 Cannon' Street,
London, EC4P 4BY.

MID-BAST SALES/ SURVEYS -Gulf-bawd,

British sales. marketing executive,
unusually wide contacts gained over
. 14 yrs.. keen to accept new assign-
ments on retainer + baste calculated
on £100/150 a hour directly worked.
Fan office .facilities. Please write P.o.

Box 5, Afcesfortf. Hants. — pref. before
SO Jury.

SUCCESSFUL COMPANY hwotverf With TV
adverttehts ooariag Mierd new regions.
Wonderful Investment oODarhiottv from
£10.500. Pan training and backup given.
Send tell CV DOW to Box F-3356.
Financial Times. 10. Cannon Street.
London EC4P ABY.

IMPORTANT ANNOUNCEMENT
FOR

CORPORATE LESSORS

As a result of our continued expansion, we are now able
to offer to ft limited number of new clients the opportunity
to invest in small ticket leases In tailor-made portfolios of '
undoubted high security. '

We are prepared to extend foil credit management and
administration if required supported by the indemnity of our
parent PLC. All of our leased assets qualify for 100% F-Y-A's
and are connected mainly with the British agricultural
industry. •

Principals or their advisers ' are invited te write, please, In
order to AuiAeg e a consuMafion.

XCHANK

P.O. BOX 89

EQUITY AND LAW BUILDING

31 WATUNG STREET .

. CANTERBURY CT1 2XZ

ELEVATING CAR SEAT
(HYDRAULIC)

Precision .engineers have de-
signed and delivered to produc-
tion sage a very prestigious
hydraulically operated elevating
seat unit suitable for Range
Rover conversion. We are now
seeking the right out/at to mar-
ket the product. Outright sale
or arrangement involving manu-
facturing rights considered.

Principals only
For f urther detail* apply to
Box F3332, Financial Timet
10 Cannon Street. ECAP 43Y

SPECIAL OPPORTUNITY
Energy company with coal Min-
ing options and successful driv-
ing programme in major US.
cm] field seeks USS250.000 for
15% participations from in-
vestors. $50,000 minimum.

Tel: Tennant Group 01-283 2739

STAIN — English Director managing Con-
struction Cotnneity and Estate Agency
with successful luxury estate and Often
In Spain has been offered a " boy out
by a molarity iharehoJder. Land bank
vafoe aooroa. £500.000 mciodlng chair-
man's luxury bouse. Ail services m.
Construction TiO £210.000 ea. 14
men. Estate Agency Mt TIO £120.000
pa. Established 12 years. Very proke-
able. Looking tor knanclal partners).
Excel lent potential. Would suit business-
man looking for semi-retirement In
Spain. Principals only please to Box
F.5355. Financial Times. 10, Cannon
. Street. London ECAP 4BY. or teiesrhone
Mrs. Daria an 01-488 0401 lor farther

INVESTORS WISH TO
PURCHASE

CONTROLLING INTStST

Id an operating company maintain,
ing. servicing. refurtrtshing Or
modernising lUts and riovators.
Please reply to Bo* F3344
Financial Times
10 Cannon Street. EC4P ABY
giving details ol net sauna,
profitability, ate

4(UX»-ACRE CATTLE RANCH

COLORADO

Minerals include oil and gaa rights,
uranium, bautoirite and oH shala.
plus substantial compliant b humus
coal deposits. Sail outright or
negotiate shares in quoted company.
Write Box F3342, Financial Times
JO Cannon Street, ECAP 4BY

AN OPPORTUNITY TO
ACQUIRE A FIRST-CLASS
INDUSTRIAL ESTATE .

In centre of North Wtet English
town. Approx. 66,000 aq ft covared
area. 2,000 to 12.000 sq ft buildings
plus modem office block. Income
now approx. £50,000 pa with e
further £38,000 pa potential.

Write Box F33A6, Financial Times
10 Cannon Street. EC4P 4 BY

CAR PHONES

DIRECT DIAL
AVAILABLE NOW
FROME400

GPO 2 nd Home Office Approved
TEL: 01-262 2794/5/6

Ear Eastern Rind Management

A long-established life officewiD.be
lannnhfng shortly a rangg nf ^thqrig eduint
trusts.

It is now seeking external management ■
expertise for its Pacific Basin trust Such
management might be on a corporate or
individualbasis, butin either case aproven
traclcrecordofsuccessinihisgeographical '
sector is a prerequisite for further discussion
Initial enquiries which should include the
fullest possible information^ should be made
in confidence to BoxF3349, Financial Times,
BrackehHouse, Cannon Street, London EC4.

KUALA LUMPUR, MALAYSIA

Offered: 2.500 84 ft u! Prime Office
space in centre of Kuala Lumpur
at extremely moderate rental with
passive partnership or directorship
agreement for owner.

Contact:

Derrick J. Gouptend, OBE &
Associates. Business Consultant*
TO Bax 218. Singapore 9004 or
TeUuc RS 36483 OJSEA

£60JSOB 3-YEAR RISK LOAN

with proportionate equity linked
participation required for experi-
enced business with confirmed
potential high loan interest. Short-
term loan unite of £2.000 each 2%
per month gross — equity — avail-
able secured by future basin ess
projections.

Write Bo* F3341, Fmencial Times
fO Cannon Street. ECAP ABY

PRODUCTS WANTED

Long established medium • size
British company ol repute in
Defence and Aerospace sector seeks
additional products to manufacture/
market. Could be of special interest
to overseas company seeking British
entry.

Write Box F334S. Financial Time*
10 Cannon Street. ECAP ABY

INVESTMENT OPPORTUNITY
£39,326 income m 33 years
secured on Kntghtsbridge
London property for an
investment of £8,000
14.90% Return
Contact: Shaw ft Co.. Certified
Accountants, 27 Hammeremitti
Broadway. London. W8

STAR PACKAGE

Financial participation offered in
projected TV ‘’short" featuring
major international artist. Investor
wilt receive tax advantage, major
share of profit, production credit
and option to participate in series.
Initial requirement £40,000
Principals only

Write Box F33A3. Financial Times
W Cannon Street. ECAP ABY

IF

YOUR EXPORTS TO IRAN
HAVE STOPPED

(Just because there Is a foreign exchange shortage)

YOU NEED OUR

PAYMENT BUFFER

T38A HIGH ROAD, LONDON N22 6EB
Tel: (01) 881 1059 Telex: 295168

COMPLETE
COMPUTER SYSTEM
Very reliable DEC PDP M/34
80 megabyte Computer system
18 months old, excellent
condition. Under maintenance
contract with full range of
application and operating
software together with licence
and peripheral devices.
OFFERS TO ANDREW ALFRED
TEL 01-868 3616

Stockbrokers/ Rnan dal
Advbers/Licemed Dealers
A Partner iti to 'Association Is oflwod
by a company managing a syndicated
property Investment trust. A new con-
cept In investment with substantial
benefits bur requiring a wider channel
for investors toaetber with Or eater
corporate image. Currently success-
fully ooerauno therefore all enquiries
and neootiations must be In the
strictest confidence.

Write Box F.335S. Financial Times.
10. Cannon Street. London EC4P 4 BY.

STARTING
A BUSINESS?

Wo can provide you with a business
bass and ell office facilities in
Wiflmore Street, London, W1
Also ful ly se rviced offices
from £225 per month

Ring 01-580 5816

DISTRIBUTORS REQD

Componios / sariouit parson* with
capacity lor astro proMable Agency
via your own Soles Forco Dcalors
No start up problems. Generates
speody cash flow. Our manufac-
tured range set*, the standard in
os. port morkoto includin'! USA! UK
uncapped. Needed hy oflicoa. indus-
try. shops. _ individuals, manna,
government, institutions Contact -

Alan Turner SGM Group

(RAD Div.). 15 Spring St. London
MI23RA - Tef: 01-723 3872

MIDDLE EA5T BUSINESS

London based, Arab executive,
western education, excellent con-
tacts with Middle East, frequent
trips, interested in spatial promo-
tion and representation arrange-
ments with western contractors,
manufacturers end suppliers.

Please write to Box F33SA
Financial Times
10 Cannon Street. ECAP 4BY

QUALITY HOLIDAY DEVELOPMENTS
Our client has interests In new quality
holiday developments in the UK and
Europe. The company wlfihei to
explore the POKIbllltiM ol equity
particteation. loan capital or land
utilisation With Interested parties. Ail
enquiries will be acknowtedemd poor
to forwarding to tee Client nntets voir
write In confidence lor an outline of
the opportunities. Contact- Sandy
Gray, Hcslesrave Gill Ltd.. (Business
Consultants). Woodhull Mad. Calver-
tay. nadtev. UM 5PP. tom (0532)
571211. Triox 557078.

BUSINESSES FOR SALE

PAPER MERCHANTS

AssetS BcnJ B ushr reor of. oldrestaiblistod
Independent Paper Merchants,

0 Turnover of £4.75m In higb-quattty
, prin ting and writing papers and boards.

0, 'Warehouses and offices North, and South
jaf London and in Bristol. .

0 ; .Experienced Management and Staff .

'.awiteble,

Interested parties should
contact the -Bee elver,
and Manager:

Cork Gully

M. A- Jordan
GuUdball House
81/87 Gresham Street
Lpndon EGZV 7DS
Teh 01-606 7700
Telex: 884730 CORKGY G

Uniform Manufacturer
; for Sale

M0DERH FREEHOLD PREMISS OF APPROX. 10,000 SQ FT
^ SiTUATED IN NOTTINGHAM

• Modem production lire wiib capacity to ptoducs 1^500 jackeu

plus 1.500 troueere e waMc : ■

• Wide renfliDf-.mietemers in the public nctor

;• . For further Iniormation write to' ■

■ J; F. Doferrum. Receiver And Manager, c/o

QkToudieRoss&Ch

St John'8 House. Street Leleester or tri: 0633 64388*

OLD ESTABUSiDED

[OWN AND DEESS MANUFACTURER

MANCHESTER '

reehdd wiwks, Ashton-under-Lyne and W^erham,
heshire. Modem sewing equipment Order book
sproximately £100,000.

FOR SALE

Write Box G8158,/imncialTim es
10 Cannon Street , London EC-£P 4BY >■

established

BOOKBINDERS

ENGAGED IN -
SHORT/MEDIUM RUN
Perfect and sewn, long run
Perfect binding and small
1 unities of Cased and handwork
binding- Modem fully equipped •
15,000 SQ FT FACTORY
Excellent goodwill and potential
Full order book
Sales £600.000 pa
Write Bo* GB1SL Ftrtencw/JTfmM
10 Cannon Street. ECAP ABY

GREETING-CARP
PUBLISHER FOR SALE

Aggressively expanding puWiahW
with UK distribution to the Greeting
Card trade ‘ is eveifeble for sale.
TURNOVER WILL EXCEED dm <N
THE FORESEEABLE FUTURE
Write Box G8M9, Financial Time#
TO Cannon Street. ECAP ABY .

for sale

SOUTHPORT

THE ASSETS AND BUSINESS OF
- ^5WU> KINNINGS ft ■

SONS LIMITS)

Lone established company special-
ising in the manufacture of high
quality fndustriel foewnere and
special engineered parte.

Assets include:

, prime fteffhoM £ 2 *? lna *

Acre in ToW*» Centr e _ _
Comprehensive fang* « cola
(ormaid and Mr tiiniBd nut
making equipm ent
Welt equipped towroom
Enquiries to:

0. G. Rowland, c/o Thornton Baker
1 Stanley Street. U<

jvsrpool LI SAD

PLATING WORKS',

. FOR SALE -

DUE TO RETIREMENT '
CENTRAL BIRMINGHAM

Polish In 9 . Nickel & Chrome Plating
Modem Facro.Y 14.0CO sq ft
’ ’ Good connections
Write Bo* GB155. Financial Time*

■ 70 Cannon Street. ECAP 4BY

PAPER MILL

Assets and Bosmess of Ireehold Paper MU
of 4.3 acres at Deeside, N. Wales.

# Modernised Paper Mathing and Plant
70 to 380 g^-in-

# Current otttpot 925 Kg. per hour at ,
average 82 g~5Jn.

Experienced feboor foTce avaflable.

# Hi^quaHty white and coloured

* f printing papers. *

# Good water supply. Full sS«4ng,
sheeting and converaaon tmit.

Interested pertiea should
contact the Receiver. ■
and Manager:

H. A. Jordan

Cork Gully

Gaildhall House
81/87 Gresham Street
London ECZV 7DS
V Tel: 01-606 7700 ••
Telex: 884730 CORKGY <

REPUBLIC OF IRELAND

RECEIVER’S SALE

On die instr u ctions of Bernard Somers, Esq. (Receiver)

RE: CHARLB DOUGHERTY & CO. LTD.

AND ASSOCIATED COMPANIES (IN RECEIVERSHIP)
Enquiries are invited for thq purchase of the Animal Feed Mill.
Feed Assembly Plant, Grain .Drying, Storage Facilities and Equip-
ment at Casdebellingham and Drogheda. Co. Louth. Offers will
be considered for the business as a whole or in part.

. Full details from USNEY & CO.

Surveyors, Auctioneers, Valuers and Estate Agents
24 St. Stephen's Green, Dublin 2, Ireland
Telephone: Dublin 601222 Telex: 25804

By Order Of

R. E. Adkins, Esq., 7.CJL and G. Harrison, Esq. F.CA.

Thornton Baker

Joint Receivers of Deanson Ltd,

FOR SALE BY PRIVATE TREATY
_ AS A GOING CONCERN
on an asset basis

CONTINUOUS STATIONERY PRINTING AND
MANUFACTURING COMPANY
situated, at Aldridge
•West Midlands
Assets comprising:

Fully operational angle storey Freehold Factory extending
to 62,400 sq. ft Stock, Work in Progress, Goodwill, Office
Furniture, Fixtures and Fittings, Plant and Machinery
including Muller-Martini,* Timsons and Multimatic Presses,
Bieiomatic and Multimatic Collators, Phototype Setting. Nylo
Print and Flex-light “Plate Making and F in is hing equipment
Full details apply:

Sole Agents

Elliott Son & Boyton,
Christchurch House.

30 Waterloo Street
BIRMINGHAM, B2 STJ<
021-236 8811
Telex 299237

Coiebrook, Evans A McKenzie,
5 Quality Court
Chancery Lane,
LONDON. WC2A.
01-242 1362

TWENTY FOUR RETAIL SHOE SHOPS

Widespread England and Wales. Three freeholds plus leaseholds,
Stock approximately £lm plus (retail). Valuable fixtures. Turnover
£2m/£2.5m (most major brands).

Principals only please apply in writing to:

Bax FT/758, c/o St. James’s House
■ 4/7 Red Lion Court, Fleet Street London EC4A 3EB

IRTEBUTKHUL GROUP
OF COMP AMIES. .

For sale group of companies with
manufacturing unit in France, two
independent Hiss compeores m
HoHand and Groat Britain (C.J.).
Activity: leisure Equipment '
Annual Turnover 1979 £1,400.000

iasou.7oo.fxn - isai £ 2 . 100.000

Export ouistde Franca over 50% ■
For Information contact:

5T PETER TRUST
Malaon Allaire, Smith Street
St Peter Port, Channel Islands
Td: 0481 21521

SMALL ENGINEERING
COMPANY

North Manchester -(Rochdale area)
Established 1947.. 10 emgloyoefl.
toolmakers, good ' plant, {modern}
valued £42.000, freehold site 1.36
acres {mill premises} £40.000. plan-
ning for industrial building*.

As 4 Going Concern
£57.000 {no KabAMee)

Owner wishes 10 -retire .

Replies in confidence from carious
parties only to Bos G8JA5
Financial Times
TO Cannon Street. ECAP ABY

FOR SALE -LEEDS

By Order of the Liquidator. A. J. Armiage F .CCA'.

Re; BRITISH APPLIANCE MANUFACTURING CO. LTD,
THE ASSETS, BUSINESS AND GOODWILL OF

This excellent General Engineering Company was established in
1913 and has specialised in the manufacture of Roses Patented
Pressed Steel expansion Bellows with a general turnover in the
region of £600fiQ0.

This spacious FREEHOLD single-storey premises extend to 40.000
sq. ft R.V. £8,000. ...

Full property particulars. Inventory and business details available.
Further details apply:

• ERNEST R. DE ROME

12 New John Street, Bradford 1 - Tel: (0274) 34116/9

BUSINESS FOR SALE

ELECTRICAL RETAILING AND DOMESTIC REPAIR

t v .a* see s&r zSTa vZJsrursr-eg issa ££

(population 30,0001 find a turnover ol apwcurimatelv ^maoflertu for «a»e-
Tha butinen is lonfl established *lth a ennd trfl dlnfl

Tfi« i«ii pr cuilta Include a modern chowroem togotner wftfi oftccs.
a wWEUttal mrenauae »nd a ftro* tjr P* rk -

E turn tries to: BLYTHE NS (Ret. RJlH.I. Chartered Accountant*.^

HAZLEMONT HOUSE. GREGORY BOULEVARD. NOTTINGHAM NC7 61X.

BUSINESSES WANTED

WantedUnit Trust
Management Company

Investor with substantial Capital wishes to explore
the possibility of taking control of a Unit Trust
Management Company currently handling
Authorised Unit Trusts.

{Subject to discussion we may be willing to take
over management of individual Authorised Trusts
' rather than the whole.

Write in the first instance to Box No. G.81S7.
Financial Times, 10 Cannon Street, London EC4.

We wish to purchase

STEEL PIPE FABRICATORS/
STOCKISTS/MERCHANTS

We are a -medium sized company (turnover £6 milUan+)
involved in stocking and fabricating industrial pipe and
fittings. We are seeking to acquire similar or compatible
companies and in this instance turnover and future prospects
may be more important than profitability. Our present
subsidiary companies are in Scotland and the North-Bast of
England but location is not important.

Interested parties please contact:

J. R Foster, Chairman

RUSSELL FOSTER HOLDINGS LIMITED

Burdon Hall, Burdon Village, Near Sunderland
Tyne and Wear SR3 2PX. Tel: 0783 236161

FOR SALE

Builders Merchants

WEST MIDLANDS

TO £1JM

Further detail* Iron owners’ agents
CARTRIDGE ft CO.

24 Wood m era Way, Backenham

Kent - Tel: 01-650 3314

- FOR SALE

AS A GOING CONCERN

Established Retail Carpet
Business. London area

2 .large unils fully equipped and
Mocked. One with substantial profit
rental. WeU known brand name,
considorabla potential -for aapansrorf-
Serbus enquiries only' to

Box G8147.-Ftnencial Time*

JO Cannon Street. ECAP ABY

Small Marine
electronics business

FOR SALE .

Good taumational reputation
NEGOTIABLE CIRCA £40,000

Write Box GO 754. Financial Time*

10 Cannon Streat. ECAP ABY

CFTY RESTAURANT for Sal* N«Jun*;
ooer £200 K. Well ooMBoned. pe«<««
few. Mns 01-278 7376 for 4«alte-
V

ROLLER IICC SKATING — Vets* a*Miable
6.000 n. ft Industrial Unit with pian-
olas ■ permission, Swansea. Write W.
Secpir a, Do., Templar House. Temple
Wav. Bristol BS1 6JD. , .

PROFITABLE LAUNDERETTE OPWatinfl
Co.. London, wlrtes aisooao of ivrarai
brancha. as group*, or slnoulartv-
pwnen aoe necaattatK radoeltw work
load. Write for details to Bo* C.8148.
Financial Time*. fO, Cannon Stem.
London eCSP 4BY.

YORKSHIRE
TIMBER MERCHANTS

T/O L135JM0

Details In confidence
■ from owners* agents:
PARTRIDGE & CO.

24 Woodman Way. Beckenham

Kant - Tel: 01-660 3314

BUSINESS FOR SALE .

ADVERTISING

S CONTINUED ON

FOLLOWING PAGE

■ ■■

HOTELS
LICENSES PREMISES

LEASEHOLD PUBLIC HOUSE/
RESTAURANT - BRISTOL

Ninety-nine year (ease, large unique
watwfroM she. rapidly developing
area. Renaurant seating eighty-
Barrel teg e approximately 1.000
OFFERS AROUND £260.000
Excluding fixtures & finings
Principals only to:

Roger Oaten & Partners
Chartered Accountants
4 Priory .Read, Clifton, Bristol

. DETACH H3 FREEHOLD .
ATTRACTIVE RBTAURANT
FOR SALE

wWl Uvlng Accommodation
in Croydon area
Circa £200.000

Ainmativafy may grant long lease
Write Box G8149. Financtel Times
ID Cannon Street. ECAP ABY

TO ELECTRONIC DESIGN &
MANUFACTURING COMPANIES

We are pan of a major public company wishing to acquire. In the
south of England (Wiltshire, Oxfordshire, Gloucestershire, Hamp-
shire and Berkshire), a small/medium-sized company in the design
and small batch assembly of industrial electronic equipment.
Your existing own product areas might be in radio communications,
marine electronics or precise electronic instrumentation^

Contact us confidentially at Box G8I6I, Financial Times,

10 Cannon Street. London, EC4P 48Y.

GROCERY

AND

CONFECTIONERY
MANUFACTURERS
★ ★. ★

A well established private
company seeks to invest in
a manufacturer of branded
products-

Discussion welcomed.

Write confidentially to:
Box G8162, Financial Times,
10 Cannon Street, London,
■EC4P 4BY.

AVON/SOMERS ET/N. DEVON
EXPERIENCED BUSINESSMAN

wfih considerable funds seeks
jolm inveatmant/uranesNiORt
opportunity

II you have a business in this am
write 10 8 o* G875B. Financial Times
ID Cannon Street. ECAP ABY

SECURITY COMPAffY

Expanding Security Company
seeks to purchase security
companies with established
guarding contracts, with a turn-
over of not less than £250.000
Write In the lira Inaanee to
Bo* GBlSO. Financial Times
TO Cannon Si mat. ECAP ABY

PUBLIC COMPANY
WISHES TO PURCHASE
Housewares /Gif t/Distrrbutfvs
Product Companies
We act lor an old established public
company manufacturing house-
wareo/gifi items lor the retail trade
in tho UK and overseas. Our client
wishes 10 expand its manufacturing,
distribution and selling bass within
the UK marker by acquiring s con-
trolling interest In a compatible
company, or by bocoming sole
distributors ol sultablo products.

Full details, principal* only, write :o.‘*
J. Stephens, Esq
DOUBLE B MARKETING
42 Upper Berkeley St. London W1

LICENSED
DEPOSIT TAKER

The advertiser wishes tn acquire a
Licensed Deposit Taking business.
Substantial capital and qualified
management available.

Principals only ploase
Write Bo* GB1S3. Financial Times
10 Cannon Street . e CAP ABY J

PUBLIC COMPANY
WISHES TO PURCHASE A
SMALL/MEDIUM SIZE

‘ CIVIL ENGINEERING
CONSTRUCTION COMPANY

Write in confidence to;

BEES & CO

41 High Snoot. Wheathampsusd
HonfordEhno ALA 8BB

14

Financial Times-Twe^y ^uly 26 l&S^r

FT COMMERCIAL LAW REPORTS

Job’ not changed by reasonable conditions

WILLIAMS AND OTHERS y NATIONAL THEATRE BOARD LIMITED
Court of Appeal (Lord Denning, Master of the Rolls, Lord Justice Fox and Sir Sebag Shawl: July IS 19S2

AN EMPLOYER who re-
engages a dismissed striker
has a statutory duty to offer
re-engagement to ail other
strikers but is not obliged to
attach the same conditions to
each offer. Re-engagement
must be in the "same job"
which means work of the
same nature, in the same
place and capacity as before
dismissal, and if the capacity
is essentially the same,
reasonable conditions attached
to the offer do not render it
invalid.

The Court of Appeal so held
when dismissing an appeal by
former stage hands, members of
the National Association of
Theatrical, Television and Kine
Employees, from the Employ-
ment Appeal Tribunal which up-
held an industrial tribunal's
decision that it had no jurisdic-
tion to hear their complaint of
unfair dismissal against their
employer, the National Theatre
Board Ltd.

Section 62 of the Employment
Protection f Consolidation > Art
1978 provides: *‘(2j . . t an
industrial tribunal shall not
determine whether the dismissal
[of a striking employee 1 was
fair or unfair unless it is shown
. . . fb> that one or more such
employees have been offered
re-engagement, and that the
employee concerned has not
been offered re-engagement . . .
(4) ... in the job he held
immediately bcFnre the date of
dismissal ..."

Section 153 provides : “ ‘ Job ’
. . . means the nature of the
work . . . and the capacity and
place in which he is so
employed'*.

ir -ir ~ir

LORD DENNING. Master of the
Rolls, said that an agreement
hetween the theatre and the
union provided machinery for
settling disputes, and outlawed
strikes. It also provided for dis-
ciplinary procedure. If a man

was guilty of breach of discipline
he was to be given a written
warning. Three warnings could
lead to suspension or dismissal.

In March 1979. 30 stage staff
went on unofficial strike. On
April 6 the theatre dismissed
them. It later offered to re-
engage them in their old jobs
without effect on their continuity
of employment, but on the basis
that they would be treated as
being on ” second warning “ in
regard to their general conduct.

One woman, a secretary, was
treated differently. She had
stayed away from work for two
days, but changed her tactics
30tl returned to work and helped
the strikers by reporting from
inside. The theatre dismissed,
her with the others, but believ-
ing that she had honestly
returned to work, it offered her
re-engagement on different term?
in that the clause about second
warning was not inserted in the
offer. She accepted the offer.

The other strikers refused the
offer. They said that by insert-
ing the clause about second
warning. The theatre had not
made them a valid offer. They
complained of unfair dismissal
under section 62(2> (b) of the
Emplovment Protection (Consoli-
dation i Act 1978. The industrial
tribunal held that it had no juris-
diction to hear the complaint.

The statute provided that on
re-engagement of strikers an
employer must offer to re-engage
all those who had been dismissed.
He must not be selective. The
crucial question was whether the
strikers were offered re-engage-
men t in the “ job ” which they
held before the date of dismissal,
within the meaning of section 62.
If they were offered and had
refused re-engagement, they
could not claim for unfair
dismissal.

“ Job ” was defined in section
153 of the Act. The strikers were
certainly offered work of the
same “ nature " and in the same
'' place ” as before: but was it in

the same ** capacity " as before?

Parliament intended the
colloquial word “job" in sub-
section (4i(ci of section 62 to
be used as ordinary people
would use it. The statutory defi-
nition was an attempt to put the
colloquial meaning into Parlia-
mentary language..

If a man were offered
re-engagemeot In the same job
as before, ie in the same

“ capacity," the offer would be
valid even though there might
be some difference in the terms
and conditions attached to it as
long as those were reasonably

If he wen? offered re-engage-
ment on half-days instead of
full-time, or if he were offered
half pay. it would not be the
same “ job ** as before. But there
were some terms and conditions
which might be consistent with
its being the same job: for
instance there might be a
re-arrangement of hours or
dirties. It was for the industrial
tribunal to decide whether the
offer was re-engagement in the
same “ capacity " or not.

In the present case it was
quite reasonable for the theatre
to treat the strikers as being on
second warning. They had been
guilty of most serious mis-
conduct The condition that they
were liable to be suspended or
dismissed if they did anything of
the kind again did not derogate
from the fact that they were
offered re-engagement in the
same jobs as before.

As for the secretary, the
strikers could ant complain of
her re-engagement. It was for the
theatre to decide the terms on
which it would offer her
re-engagement, and it was not
hound to treat her in the same
wav as it treated the others.

His Lordship agreed with the
industrial tribunal and the
Employment Appeal Tribunal
and would dismiss the appeal.

which the man was employed
was not just a matter of the
name or rank which was given
to it A job might have the
same name and involve the same
duties, but might have condi-
tions attached which were so
-disadvantageous in comparison
that the capacity in which
re-engagement was offered was
not the same as before.

The present case was very
different. The capacity in which
the strikers were offered
re-engagement was. in essentials,
exactly the same as it was
before dismissal. It / was
re-engagement in the same rank,
the same work, at the same pay.
in the same place, and without
effect on continuity of employ-
ment.

The conditions as to second
warning did not touch the
capacity In which they were
offered employment They were
to be employed, in the same
capacity as previously, but the
disciplinary procedure applic-
able to them while employed in
that capacity was altered.

BBC 'l

TELEVISION

ii>

STR SEBAG SHAW, also agree-
ing, said that “ job,” which had a
wide and variable colloquial
use, focused attention on the
task to be done rather than on
rights and obligations.
- Capacity ** dealt with an
employee’s relationship to the
task, for example, whether be
did it as a skilled fitter or as a
learner. The fact that the
strikers were put on second
warning did not affect their
relationship to the Job. The
warning went to conduct, not to
performance of the task.

For the strikers: R. Allen ( Gay
Moon 1.

For the theatre: Alan Tyrrell .
QC, and Stephen Monkcom
( Denton Bail and Burgin).

LORD JUSTICE FOX. agree-
ing. said that the capacity in

By Rachel Davies

Barr is ter

RACING

ST DOMINIC WIGAN

aeainst that ertremelv fast
filly. Henry's Secret, in the
Hi lari- Needier Trophy at
Beverley last month.

PETER - EASTER BY. whose
1 tally of winners at Ayr. in the

- past five year? has been
-• bettered only by that of Bill

• Watts, must be hopeful irf ]and-

- ing the afternoon's major prize

• there today. The Great Habton-

- based handier fields Miss Realm

• • in the £7 .non Strathclyde Stakes.

The winner of her first two
„ races. Mel Brittain’s Realm filly
.. was recently far from disgraced
_ when failing to get in a blow

There. Miss Realm, although
outpaced by rhe winner, failed
by just a head to hold the
runner-up. Tysatidi. to wtjnm
she was trying to concede 7 lb.

Miss Realm, who was also
attempting to give the winner
7 lb. will appreciate this after-
noon’s first attempt beyond the
minimum trip and can ?et back
on tie winning trail by out-
pacing the Stradavinskv chest-
nut. Escart Bay.

A second possible winner for

the Habton Grange camp is Pat
Muldoon’s grey newcomer. Ben-
eagles, among the runners for
the opening Allowav Slakes.
This 19.000' gns yearling pur-
chase « certainly bred to show
some speed for it is by GodswaBc
out of tile Derring-Do mare
Dastina whose first foal, Jean
Varon. won aver five furlongs
and seven furlongs as a juven-
ile last year.

The 10-runner Souter Johnie
Handicap looks a tricky race
but backers could do worse than
consider course-and-distance
winner Pause for Thought at
the foot of the handicap.

Denys Smith, Escart Bay’s
handler, has snapped up Willie
Carson for this five-year-old who
looks leniently handicapped in
receipt of between 26 lb and
4 lb from his rivals.

AYR

2^0 — Beneagles

3.00— Miss Realm”*

3.30 — Pause for Thought

4.00 — Rigby Lane*

4.30— Royal Grant* *

5.00— Arrowood Dream
FOLKESTONE

2.15 — Prince of Princes

2.45— Express Empress

3.15— Indian Lady

3.45 — Badayoun

6.40 am Open University.
LO0 pm News; Weather. 1.27
Regional News for England
(except-London). IJ36 Bagpuss.
418 Regional News for England
(except London^. 4-20 Play
School. 4-45 Lassie. 5.05 News-
round. 5JQ Take Two.

5.40 Evening News.

6.00 South East aLStx.

6.25 Nationwide.

655 Triangle. . .

750 The Wonderful. World of
Disncv; “The Secret of

Lost VaHey/*' The first of
two parts.

8.03 Private Schulz: Serial set
in the Second World
War.

9.00 News; Weatherman.

955 The Danube Power Game.
The Tuesday Documen-
tary.

10J5 The Royal International
Horse Show 19S2. From
Wembley Arena featuring
The Horse and Hound
Cup.

1153 New* - Headlines.

1155 Late Night in Concert
1245 am Weatherman.

If the various offerings in the TTV regions early this evening
were packaged into one solid night’s entertainment.il would he
quite fun. But Looks Familiar with Denls.Norden. Pte. Benjamin,
Survival and Robin’s Nest are among shows which are on simul-
taneously in' different areas.

‘ BBC I’s Tuesday documentary this week looks at the Danube,
seenically spectacular and perenially a political hotbed. Its
turbulent waters have swirled through a turbulent past DouBuKS
we will also be offered the .threat of 'a turbulent future too. The
Danube Power Game is presented by Robert Symes.

Two minority sports; have managed to' grip the public con-
sciousness in recent years in quite unpredictable ways. Snooker
held us all enthralled in.the spring months, and this week sees us
faced with more of Its outdoor rival, show-jumping. The Royal
International Horse Show; comes on BBC 1 immediately after the
Danube programme. Enjoy the hors®, endure David Vine.

ARTHUR SANDlfS

BBC 2

6.40 am Open University.

10.30 Play School.

5.10 pm Truth. Dare or
Promise: The principles
involved in curriculum
change in schools."".

+555 Laurel -and Hardy.

.6.05 Yesterday’s Witness in
America.

6.55 Six Fifty-Fire Special.

7.20 Cartoon Two.

7.30 News Summary.

755 Food and Drink/'

8.05 The Past Afloat "

- 8.30 Live From - The Proms:
Schubert’s Ninth sym-
phony. '

+9.45 John Ford Season: “The
Lost Patrol," starring
Victor McLagien, Boris
Karloff. ■

10.55-11.45 Newsmght

9M am Socket Rubin Hood.
U50 '.Wild: Wild World of
Animals. UU5 Young Ramsay.
11.05 Incredible World of Adven-
ture. 11-30 Paint Along With
Nancy. J2.0O Pullover. 12.10 pm
Lei's Pretend. 1350. The Sulh-
vafK. 1.00 News.? - 1-20 Thanes
News.'. 1.30 Eranietaale Farm.
2.00 After Nwn Plus Revisited.
2.45 The Spoils of War. 3.4a
Father Dear Father. 4.15 Dr
Snuggles. L2Q Runaround. 4.4*
■Whafs Happening ? 5J5 The

Real World.

. 5.45 News.

-- 6.00 Thames News

6J25 Help- 1 : ’.

6.35 Crossroads.

7.00 Looks Familiar.

7 M The Video Entertainers

8.00 The Streets, of San Fran-
cisco. •

3.00 Alice — A Fight For Lifc
10.00 News At Ten, followed by

. Thames'News Headlines.
1CL30 Alice— A Fight For Life
. continued.

11.15 City of Angels. Wayne
Rogers in “The Castle o.
Dreams."

12.15 am “ Sit Up and Listen n
+ Indicates programmes in black

'and white.

All IBA Regions as London
except at the following times:—

ANGLIA

S.30 im Snima Street. 1020 A Diary
of Civilisations. 11.20 The Flying Kiwi.
11.50 Wattoo Wertoa. 72.30 pm
Gardening Time. 1.20 Anglia News
lollowed by Weather Forecast. 3.45
Robin's Nest. 6.00 About Anglia. 7.00
Survival. 8.00 The Incredible Hulk.

10.00 News at Ten fallowed by Anglia
lata News and Weather Forecast. 11.15
Quincy. 12.15 am Tuesday Topic.
BORDER wh

12-30 pm TJig- Electric- Theatre Show.
1.20 Channel Lunchtima News. 3.4S
Survival. 5.20- Crossroads. 6.00 Channel
Report. 6.30 Private Beniamin
S.M.A.S.H. 7.00 Robing Nest. 8.00
Simon and Simon TO-28 Channel Lata
News and Weather. 41.15 Nero Wolfe.
12.10 pm C ommenraima or Previsions
Metporologiqu is lollowed by Weather/
Closedown.

Tha Music- of Man. 4.15 Ask Osrari

5.15 D iff 'rent Strokes. 6.00 HTV News.
8.00 "Simon 'end Simon. 10.28 HTV
News. *11.15 Kris Krlstofferson in
Concert

. HIV' Cytnru/Waiee — As HTV West
except: 123X1 Cei. Cocos. 4.15 pm Ar
El Of. 6.00 Y Dydd- &15 Report Waits.

BORDER

9.30 am Larry the Lamb. 9.40 Evolu-
tion. 10.00 Cool McCool 10.20 Target
the Impossible. 10.40 8ailey's Bird.

11.00 3.2.1 Contact. 11.30 Johnny's
Animal Operas. 1.28 pm Border News.
3.45 A New Kind o! Family. 5.15 Stay-
ing Alive with Cddle McGee. 6.00 look-
a round Tuesday. 7.60 Robin's Neat

10.00 News at Ten and Border Weather.

11. 15 The Monte Carlo Show. 12.10 am
Border News Summary.

GRAMPIAN

9.30 eni Fret Thing.- S.3E Sesame
Street. 10.36- Project U.F.O. 11 JO Al
Oaming Man of the North 11.55 Under-
sea Adventures pf Captain Nemo.

12.30 pm Paiftr Along with Nancy.
1<20 North News. 3-4S Clegg's
People. 5.15 The Real World.

6.00 Summer at Six and Ares Weather
Forecast. 8.00 Simon end Simon, fll.15.
Spellbinders. 11.45 Superstar Prohlo —
"Olivia- Newton -John." 12.15 am North
Headlines and Area Weather Forecast.

SCOTTISH

‘ 10.00 Ohce Upon - e Time. ■ 10.25
' Bailey's Bird. 10£0 Pro-Celebrity
Angling. 11.15 Little House . on the
PreitMi . 1220 Gardening Time- 1-20
Scottish News. 3.45 Real World: ■ 5-15
Teafimo Tales.' 5.20 Crossroads:' 6.VD
Scotland Today. fi-30 World Worth
Keeping. 8.00 Skin Deep. 10.00 Newd
■l Ten and Scottish News Headline*.

11.15 Late Call. 11.20 Pro-Celebrity
Snooker. - • ■ •

8.00 Coast to Coast 8.00 Simon and
Simon. 10.00 News ai Ten. I«!|nwh.ci
by TVS News. . 11.15 City ol Angylj.
12.10 am Company.

9JD Tha Good Word. 9.25 NT-rf-
East News. 9.30 Clegg's People. 3-55
The Music' 1 Man. 10.40 Bailey's Bird.
11.05 The Nature of Things. 11.55 Tha
Undersea Adventures ol Captain Men:
120 North East News end Lookcrsunr*.
3,50 The Rlordens. 5.15 Survive, —
*' Mustang." 6.00' North East News.

6.02 Crossroads. 8.25 Northern LIlo
(MX) Simon end Simon. 10.30 North
East Nam.. 11.15 Benson. 11.45 Learn- .
ing from Others.'

ULSTER

CENTRAL

9.65 am Our Incredible World. 10.20
In Concert. 10.46 The incredible Hulk.

11.30 The Crazy World of Sport. 1230
pm Tha Young Doctors. 1.20 Central
News. 3.45 Robin’s Nest. 5.15 Work
and Mindy. B.0O Crossroads. 6.25
Central News. 7.00 Private Beniamin.

8.00 Magnum. 11.15 Central News.
11 JO City of Angela.

CHANNEL

GRANADA

9.30 am Larry The Lamb: 9.40 Evolu-
tion. 10.00 Coot Me Cool. 10.20 Target
the Impossible: 10.40 Bailey's Bird.'

11.00 3-2-1- Contact. 11.30 Johnny’s
Animal Operas. 1.20 pm Granada'
Reports. 2.00 Hands. 3.45 Paint Along
with Nancy. 5.16 Happy Days. 6.00 This
is Your Right: &30 Grenade .Reports.

8.00 Simon and Simon. ft-T5 Journey
id the Unknown. •

TSW

9.30 am Sesame Street.' ' 1930 film;
The Amorous Prawn! 11.65 The Under-
sea Adventures of Copufct' Nemo.

12.30 The Electric Theatre Show. 1 - 2 D
TSW News Headlines. 3-4S Survival.

5.15 'pm Gus Hcneybun’s Magic Birth-
days. fi-QO Today- South-West. 6-30
Private Benjamin. 1032 TSW Late
News end Weather. .11.15 Nero Wo We.
*12.10 am Postscript. 12.15 South West
Weather and Shipping Forecast.

.- W115 am Story Hour. "11.10 5wipr»y
1136, Call ii Macaroni. 1.20 pm Limrn-
time. 3,45 The New Accelerators. 4.13
Ulster News. 5-15 Gambit 6.00 Gcof
Evening Ulster. 8.00 Simon end 3. non.
10.29 Ulster Weather. 11.15
Miller. -11.45- News at Bedtime.

YORKSHIRE

TVS

HTV

930. am Sesame • Street. 1030 Tuesday
Morning Feature Fdm. 12.30 pm
Gardening Time. 1.2D HTV News. 3.®

935 Bin Untamed World, 10.00. Con-
flict of Wings. 11.25 Cartoon. 1130
A Full Life. 130 pm TVS News. 3.45
Welcome Back Kottiar. 5.15' Watch
This Space. 530. Coast to Coast.

9.30 am -Sesame Street. 110.30 Tint
Lock .-(Mm]. 11.45 Mag ilia Gorilla. 11.5!
The' Updaraea Adventures of Cap:."
Noma/ 12. 3D Superstar Profile. I.a
pm Calender News. The Weather. Z.ft
After Noon Plus Revisited. 3 45 Calen-
dar- Tuesday. -5.15 Stay Alive
Eddie McGee. ' 6.00 . Calendar. 11.11
The Ddm fa- Roussos Magic.

RADIO 1

(S) Stereo broadcast

5.00 am As Radio 2. 7.00 Steve

Wright. B.00 Simon Bates. 11.00
Mike Reed. 12-30 pm News beat. 12.45
Dave Lae Travis. 2.00 Paul Burnett.
430 Peter Powell, including 530 News-
beat. 7.00 Talkabout. 8.00 David
Jensen. 10.00 John Peel (S).

RADIO 2

5.00 am Ray Moore (a). 730 Terry,
Wogan (s). 10.00 Jimmy Young (s).

12.00 Gloria Hunniford (a). 2.00 pm

Ed Stewart (s) including 2.02, 3.02
Sports Desk. 5.45 News: Sport. 6.00
John Dunn (s). 8.00 Tht Songwriters
(a). 930 Listen to the Band (s).

9.30 The Organiet Entertains (S). 9.55
Sports Desk. 10.00 The London Pal-
ladium Story. 11.02 Sports Desk.
11.05 Gillian Reynolds. 1.00. em Encore

RADIO

(S). 2.00 You and the Night and the
Music (S).

RADIO 3

635 am Weather. 7.00 News. 7.05 .
Morning Concert (S). 8.00 News. 835
Morning Concert. 3.00 News. 9.06-
This Week's Composer (S). 10.00

Ceil Flesch International” VioHn Com-
petition 1982 (S). 11. 00. Prokofiev (S).
11.36 English Songs (S). 12.15 pm

Midday Concert (S]. 1.00 News. 1.05
Six Continents. 135 Midday Concert
(S). 2.16 Baroque and Earlier (S).

2-55* Emma Kirkby (S).. 3.10* Baroque
and Earlier (S). 4.00 University of

Wales Recital (S). 435 News. 5:00
Mainly for Pleasure fS). - 030 Jazz
Today (SyilT-OO- LA-tSs *6opl6s Sing

(S).'. .730 Prom* 82 ,(S). • 830*

Pleasures. 8.40* Proms 82 (S>. 9-45
From Molecules to Mind. 1030 The
Worcester Frag menu (S). 10AS
Beowulf. 11.15 News.

. . .RADIO 4 :

6.00 em News Briefing. 6.10 Farming
Today. 635 Shipping Forecast. 630
Today. 833 Yesterday in Parliament.
8.S7 Weather Travel. 9.00 News. ' 9.05
Tuesday Cell. ' 10.00 News. 10X2
From Our Own Correspondent: 1030
Daily Service. 1045 Morning Story.

11.00 News. 11.03 Thirty- Minute
Theatre. 1133 - Wildlife, 12-00 News.

12.02 pm You. end Yours.. - 12-27
England. Their England. 12.53 Weatharr
Travel: Programme .News.' ) 108 Th«-

World at One: News. 1.40 Th:
Archers. ' 1.55 Shipping Forecast. 2.C1.
News. 232 Woman's Hour. 3.00 Nows.

3.02 A Dehce To The Music Ot Tim;
(SJ. 4-00 News. 4.02 The Poles
Whht Kind ol Revolutionaries ? 4.T

The Reincarnation Man. 4.43 Sic:-,
Time. 53 PM: News magazine. 5.K
Slipping Forecast. 5.55 Weather: Pro
grama. News. 6.00 News, mciw:'
Financial Report. 6.30 Bre»n c.f Sr.-s.:
1982 (SJ. 7.00 News. 7.05
Archers. 730 Silent Avenues of
Past 7.B0 File on 4. 8.20 Deughtc
of the Planets fS). 9.05 In Touc-

9.30 Kaleidoscope. 9-59 Vfajir.v:

10.00- Tbtr World Tonight: News. 1C 31
Injury' Time fS). 11.00 A 3ocV
Bedtime .11.15 The , Financial
. Tonight. . -..11.30 Today in 'P^ifiamru
-12.00 News: Weather. 12.15 am St .r
-ping Forecast: Insftore-Mtaers Foretss:

■> - -

FOR SALE

COMPANY NOTICES

LEGAL NOTICES

ENGINEERING BUSINESS

— East Anglia —

Exceptionally well equipped production facility- with
mndem plant including C.N.C. machines. Activities include
sub-contracc work and manufacturing of own range of
machine tools and accessories with agency network.
23.000 sq. fl. modern leasehold factory with cranage and
car parkins.

WOODWORKING BUSINESS

— East Anglia —

Principal activities include volume production oF mouldings,
general limber niai-hiom?. wood working and finishing, high
class jr.iaery. laminating and special products. Excellent
range of very modern machinery. Good list of regular
customers. Annual turnover £1 2 million. Fuli order book.
23.000 .io. ft modern Ir.ng-leaschnld premises. Owner

re? inns-

ARCHITECTURAL & INDUSTRIAL
WIRE GOODS MANUFACTURERS

— West London —

Projected turnover In tv:*. ess ir» r 100, non. Excellent profit
ratio. Oui standing cu-tnmcr list. Freehold factory /shop
or wii: lease. Owner v. i=iie? to retire.

Conrad: C. J.- C. Derry or P. dc fame

LEOPOLD FARMER

FOR SALE

THE UNDERWATER TRAINING
CENTRE AT FORT WILLIAM,

SCOTLAND

Underwater Training Centre Limited, the only
commercial diver training school in the U.K. to have
provided courses for both air I down to 50 metres)
and bell/mixed gas fto 100 metres) diving, is for
sale. The facilities include a purpose-built diver
training vessel and system together with ancillary
vessels, buildings and other equipment
Interested parties should contact:

A. R. Ross.

Manpower Services Commission,

Room S/9, Selkirk House,

166 High Hoiborn,

London’ WClV 6PF.

Tel: 836 1213 Ext. 231

FOR SALE
AS A GOING
CONCERN

A SUBSTANTIAL COMPANY
engaged exclusively on Ministry
of Defence contracts for rhe
manufacture and supply of
garments. The company trades
from premises near to
Newcastle upon Tyne
erty centre.

Turnover approximately

£600,000 per annum

For further details contact:
D.F. SMITH 0632738562 or
E.J. KIRKWOOD 0632 61411 1

Notice to Holders

of Earopean'Deporitaty Receipts (EDRs) in
MITSUI « CO. LTD.-. ‘ •

EDR Holders are iRfbrmtd that MRmI 4 'Co.' Ltd. has-Md ■ OMdend.-to
holders or record March Si, 1982. The cash dividend payable is Yen l-SO Mr
Common stock of Yen 50.00 per share. Pursuant .ta Clause 4 of the Deposit
A a re em e at the Depositary has converted the netamoont. otter deduction of
- Japanese wWihoMlno taxes. Into United States Dollars. . . -

E DR h olders ma y now present Cocoon no. 27 for payment- to the
nnderrnijiittoncd agents. «

Payment of the dividend with a 15% 'MOUmMIho tax Is autafcct-to receipt
by the Depositary or the Agent o> a valid aMda»K or residence Hi a. country

havfno a tax treaty or a g reement wKlt Japan qMna the bcaett ot the reduced

Eh arrai

NOTICE TO CR EDITORS
TO SEND IN PARTICULARS OP DEPT:
OR CLAIMS

wfthhohilng rate. Cointries currently tmvfna such arrangements era as fbflows:
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Canada Malaysia Switzerland'

CzechoWorakfs The Netherlands United- Kingdom

Denmark ■ Maw Zealand- O-S. of Ajncrfci

F.R. ot Germany • Norway ZamMa

RnTand . Rep. or Korea

Falling receipt of a valte alBdartt Japanese withholding, tax will -b* deducted
at tne rate of 201i on the gross dividend payable. The hrtV rate Of 20%, will
a ho be applied to any dividend* unclaimed alter October 31. 1982.

Amounts payable In reaped of current drrteends.

Crnipon No. 27 Ohridend payable Dividend payable

EDR Gross lew TS% Japanese tessZO^ Japont**

denomination Dividend with hold mo tax withholding tax

1 ahere _ S0.00690S SO.OOSOI9 ■ SO.DD4724'.

Citibank. n.a. Chi book fLaxombourgi . S JV.

3 SB. Strand. London VUC2R 1HB. 15 Avenue Marie Theresa

July 20, 1982

SAVK A PROSPER
DOLLAR FIXED-INTEREST FOND LIMITED

CANON INC.

NOTICE OF MEETING

50/51, High Hoiborn, London WClV 6EG
Tel: 01-41)5 8411 Tflex: 897377

WARS BRGTHERS (Wslverhampton) LTD

. The oppr>n.unit:- arises through receivership in acquire
a*! a 2*iin^ rnneern ihe prer.u:-.-! s'li.-ki anr! trade of
this old e^Mhlishcd huilder*’ merchants business,
spcrialistag in hi?h quality hatb-oom and kitchen
equipment and contract work. Excellent -modem
freehold premises in Wolvernar.tplnn with showrooms
a ad trade counter. Latest annual turnover approx £15m.

Enquiries from principals to:

P E Baldwin, FCA,

Price Waterhouse, Xjvezy House,

P-

Price Waterhouse, Livery House, -w- -»■ V+ J,

169 Edmund Street, Birmingham \ / aieiXlOUSe

B3 2JB. V \

UK-CONTINENTAL
HAULAGE AND WAREHOUSING
BUSINESS FOR SALE

Established company with excellent warehousing for
con.-olitlatiur.. he’avylifft and container/tilt stuffing and
destuffing. Extensive yard area Well situated for
Li in dun south ar.d east. T/o approx. £lm. EEC and
general quota permits at present held. Offering good
potential.

ror further details aa?:y: —

3nr Gdl25. F mtxneml Times
10 C;?ir.;n Street. London EC-1P 4SY

For Sale as a Going Concern

7i? arc M'-ecroi o‘. a Haulage Company baaeH Oh

Tu — t -t' ti'tt ST50.-JK ps. =ii:e*n iracior umt? Twanry r.-a:iara
'-.uriiic -- '■.j-.j-s sf'i *.i f!:i! Carfisrv Tore rtJfir I ,!:s L:(t:r.a

u.-c -J are r :.a C5': Carrieri T<m rprr L.!:s L'ltrr.g

* jnd oq.-'t-ivs: ®-c Tb# aicapiional Frac<iold Premises

iff l 1 ,1 jvo :: ;

■v-TYp- :-»'s-r-af-D n iron? tha Rae#>ve»:

5;tosi P. Efv/SfJt*. FCA. Littlg & Co.

AM Sai.-its Charrbere, Eign Gar*. Harelord - Tgl: 0432/64222

PROPERTY
INVESTMENT
COMPANY
FOR SALE

Small Investment Company
v/ith rent roll of £123,000
and Public Company
Covenant, for sale
Offers invited: leases subject
to normal arrangements, etc.
Write Box GSJ44
Financial Times
10 Cannon Street, EC4P 4BY

5.W. ESSEX ENGINEERING CO.

Having reached retirsman: sga ! play
It faian a lirJ* and tiiopa&a pi all or
part ol my 32*, bolding-,. Wb lurn
ovrr El'jin in manufactumg and

a wi^o -aige or lighting and
B'acrricai dia'.ributiob equipment in
ou- awn iijmj. Enjglient profits,
Bipbria liquidity jrd order bosk.
Pr-r.cioals o-.«v p'case. no aqenti
Wriit Bia <33154. Financial T<mts ■
90 Cannon Sttee:. EC4P 4BY

COMPUTERISED CAREERS SERVICE

A proven and successful compute-* based careers information and
Advisory service business for sain with outstanding potential.

Development and investment to date £6C.OOO.
Enquiries, supported by evidence of resources 3nd reputation, to:
H. D. Kellie C.A.

FIN EX SERVICES LTD

154 Main Street, Swithland, Loughborough LEI 2 8TJ

MID WALES

FCfl SALS AS A GOING CONCERN

A MOST LUXURIOUS HOLIDAY CHALET DEV&OPMENT

>i a cirrus ’■ se'img wh>ih *as :o ba teen to be

oaiia««s. 11 Ssr/L«;is-. ~ - ? z-.-J Cec znoool Cr-.ire»s. all s«cluJ#J It 2

;*it acre. ?s.- — ‘ T atfdilrer il Cha'ate. all wiihin 14ij acre

.•.ccei.ind 2 o::.ig ;! -Jcfitisno: 7 sc'ta d«i»ehed half

hTMm ecuaeo cs-sk Che *- a ts^ireilv heaiad «>>d msulataa jng aupar&iy
!ia-si-«: :: :rt sisni-rsa. They are aji:ao'a lor hol-diya a! 1

--■a '.r J ‘ rwi-.; s „: Je:ji ;

Morns Marshal 1 a s 7g:». Z Shsrt Bridge Street, fJgwlwn - Tel: 0686 26160

ENGINEERING COMPANY
AVAILABLE FOR SALE
WITH TAX LOSSS OF
£125 MILLION.

Write Box G8165, Financial
Times. 10 Cannon Street.
EC4P -4BY.

FOR SALE

Thl

:«i — i'* cornsc;-.: - ' of nane Zer .son/ bijed in
zh<irfiji»5. 7-j 'nyi.n il'iil.CCG -e
3i }, P n tttztrr ur»:s Si* p'.i! Tr’r.^r^ T e-t, Fri Lifts L.Cir.g “st.e
FSEEHOLO YAF.O AT1D 5:J , Lt' M t'jS ft-JiO A.'A'L^SLS
-'.'fi ■■■C'm .t? F.cs'i.er:

Elton P. Edv/ards. ?CA. LiLtla & Co.

All Saints Chamse-s. Ei^n Gat 1 ?- Horclc'd - 7d. 0422 54222

FOR SALE

Potaii/Wlioiasaie Dorr-fiM

Fire Stova h B=<i4' Sfrp
u*«rn Cv. -.:■?* -..v

• iS-1 tWO '.tj ' 3c- -•■ • i
• n i»-«; rsy.-.'~.
fn: n-v ei t qr'-s
Aao-v to Hartjor & Co.

3 Cardiff asad. L-jton. Bads CUT "FP
"i, Luton 423231

Well established
FOOD MANUFACTURER
in West Country

Good turnover and profits and
freehold meet

Price <450.000

Writ a 5f< u5IS5. rmant<at T (Mas
:s Canncn Street EC4P 4 8Y

ESTABLISHED
QUAUTY PRINTER
(North-West)

L'*.no priming oompany eaiffi nearly
COD (330 turnevoc. for sate as a
giicg canrerr. Ciirrer: iran^cmgnt
appraa^Mag rmromari

VJrna 6c* 65J66. Pmancia' Times

15 Cenner* Svo».-. P 4 9V

NOTICE IS HERESY GIVEN that -the
sixth Airoual Gcncraf Meeting at Save
& Prosper Dollar Fixed- Interest Fund
Limited wttl bo hew at DoipMn House.
Colombo- 1c, St. Heller. Jcrtey. Choimid

U I anas on Wednesday. 6 tb October 19KZ.

•t 12-30 djtl for the- fatlowlog poreoaes:

1. To receive and consider the Reports

Of .the Directors and of the Auditors
and tbo Consolidated Financial State-
ments ter the year ended 31st Slay

138 Z.

2. To cdbIutii the Interim dividend pay-

ments 0 holders Of PJit lc lotting shares
Of US SO .39 and USSOCl per Shore
on 15th Jarmary 1982 and 15th July
1982 respectively. .

Z. To re-Heet Advocate A. Gybe- Smith
as a Director of the Company.

4. To re-elect Mr. C. J. Messer as a
Director of the Company-

5. To co idt r m the payment of D ire ct ors *

fees of usssoo to each or Messrs.

J. D. Campbell, A. Clyde- Smith. W. N.
Rum half pod J. R. Talbot.

6. To approve The remuneration and con-
firm the ro-appofiuii wu i - of Cooscrs &
Lvbrano as . Auditors to the Company.

7. To transact' any other buateesa of an

Annual General Meeting:

By Order of the- Board,

SAVE 4 PROSPER

JERSEY LIMITED

Secretery

6th July 1982
A Member entitled to attend and vote

at thli Meeting, may .'appoint one or more

proxies- to attend and. oo *_ poll, vote
*n titi stead. A proxy need not be a
.member of the Company- Prones must
be lodged at the Company's Registered
Otficc at least - forty -eight hours before
the Meeting. -..

EUROPEAN INVESTMENT
BANK

Lebanese Pounds 50,000,000
V t % 1973/1985

BANOUE INTERNATIONALE A
LUXEMBOURG 5A. announces that
the annual redemotioa (hKalmcnt or
IP. S.QQO.OOO due Saneembor 14th,-
1982 ha* been entirely Mrchased in
the market -io that ■ drawing by lot
Ol bonds will not 'taka 'place this year.

The amount ot bonds remaining
outstanding after the am&tlMtion

of Vwtember 14 th. 1982 IS LP.

aoiSDjJoo.

Luzemboirro.

July 20th. 1 982.

PUBLIC NOTICE IS HEREBY GIVEN that

at the meeting of the Board of Directors

of the Company Md on June 2. 1982,

rtsol 1/tkXJa were adopted relating to the

Issuance of new shares, as fonows: -
1. As of July 1. 1982. part of the
capital reserves shall be transferred to
capital. The amount to be so transferred
shall be an amount obtained by multiply-
ing bv YSO the number of new shares

to be. Issued as set forth In SMI betew.

apital under

2. '.Upon the transter to cap

the preceding Pare graph, new shares ter
shaJj.bo Issued as of .Urn

free distribution

wye date. , a* ftRtows;

(1) Number of new shares to be Issued:

Shares or no. easisnrad form, par
valuer common stock. h> such num ber
as shall be obtained- -by multiplying by

as shall be obtained' by multiplying by
0.1 the tot al n umber ®f" the stares
ttsoed and outstanding as at 3.00 p.m.

op Jum 30 fWedoaadaY). 1988 ; .pro -

l war-

vtded, however, that atiy fraction
ring in * — -

. . ... the total number of the new
shares to be .Issoed stall be discarded.
(2> Is so* prlcir:

YM per. stare: provided, howew.
■ tear no taVmetit of ' mon ey for. the
shares shall be required.

<5) Method- of allocation;

To -be >1 located 1 to tho- ita r efio ldwtr
aopearlno on the regi s t e r -ot Share-
hoidera as at 3.00 p.m..--on . Juna 30
(Wednesday). 1982. at ‘ tile rate 'Orf
O.i shwes-for each . stare owned by
them: provided.' however, . that . the
freatfooaf ' shores of lens than- a fun
share occurring upon, such: allocation

shall be sold as a whole- tad. the pro-

ceeds of the

sale shall be distributed

. to tha shareholder concerned. .to pro-

portion to their l-aoio m l -Interests.

M) other matters necessary tor. the

* ll y? Itare be^-determlnod

Board of Directors

to be held later. .

NOTICE OF RECORD DAZE.

Public notice Is

Company

T9BZ: as.

shareholders aopeartog oo* the reitiiter
of .shareholders- as at 3ZW p-O.. oo that
date shall be. regarded ax' » the share,
boiacrs entitled to the . allocation .of teg
now shares for oraa dtstrnioHon--ao.be
Issued to accordance with We resotottons

ITIWE OF RECORD DAZE. . .
notice la hereby given, that* the
has heed June >30 (Wednesday).
.Om record dam - pod.- that the

entire meetl it* _Of_*he_ Board of Directors

on June 2. 1982.

CANON INC

SOCIETE GEN SCALE
ALSACJENNE DE BANQUE
Dollar U3. 20jXK),000 .

Floating Rate Notcs19IMt-YI
for six mouths ' July IS. 1962 to
January 16, igflj, the Note* will
urra an Interest raw of 1SS4 per
annum. .

The interest due January 57. 198S
against coupons No 7 win ta 'USS77.50

and has been computed an tiig actus)

RumMr or days glassed tISfil dmdad

by M0. '

Th* RrlncMl Pavleo Agent

sociere genirale -alsacienme

„ . DE BANOUE

IS. Rue Emile Reuter.

Luxembourg.

SOCIETE GENERAL^ . •
Dollar US. 50JKXU300
Roatinp Rate Notes duo 1997

_ For three month*, rjoty- 1 5. 19*2 tor
October 14. ' 1982. tho Notes will
earn an .taereat - rate of 14.78%
per aiHHiat. ••• -

The- toterest due October IS, 1.982
against Coupons No. 13 '. will- be
USSX7.B9 and hair, been cuumete d -
on the ndtoaf number of day* elaoaad
«» rffWdtd by 'SBp,- -

SOCIETE^IM^E 1 aSaCIeSnE

75. Avtaiie'ERide Iteotar,

-Lucnhoiirg; ■■

DC 4ANQUE

PERSONAL

FOR SALE

By Pirivate Treaty

; GLD MASTSTOlL PAINTINGS •
Tremadtion'ablgly Solicitor nr
Soflcitsr. No- Preitgnancss svguabla
.Purchgaflrfr must gatialy ihsflifialwBS
‘ ra-to- auTbaoiiclty end wililn.
Wrlre Boa F3340, 'Fhutidof Tints
TO Cannon Sfroor. EC4P 4BY *'

THAT GOOD PLACE LIMITED
■ ■ (in Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that th.
CtatflttKS of ibe above-named Comoani
.pro required on or boforo the 2Bff» dJ;-
of July 1982, to send in their nnne:
and eddressai, with particulars of ihsi
debts or dahns. to tho undarsignee'

ANTHONY NEWTON, /

of . Box 2A,

■' < Eagle Star House
28-36 Carver Street;

.-.Sheffield -SI 4FS.
the Liqordfffor of the Company: and i
so required by not ice in writing by in. ;
taid Uquktalbr either porsonelly or h-
their 'Solicitors to come in and pro-*
their said -debts, or claims at such limt
and place as ehqll be specified In sue: -
-notice, or in default thereof they will hr
excluded from the benefit af any dis-
tribillian nude before such debts air :
proven. - •

- DATED this 5th day of July. 198?

Liquids tn:

A. Newton

ART GALLERIES

WHmCHARQ. ARY GALLERY. El. 377 .
0107 . Tube Aldgate East- To 2G Sent. SIP -
CHRISTOPHER WREN. Sun -Fri. 11-5.30 .’
. Thurs. ' to 7-So. el. Sat. Admission £t -
(50a)'4rn CbUdrco & Mondays 2-5.30.

arteMis- fine ARTS <UK1 LIMITED..
15. -Duke street.- Sc. James's, art. CaH» -
bltioa of MASTER PRINTS AND DRAW.-.
INGSJ MOn.-Frl. ID S until 23rd Jury' 3
Also WHISTLE ETCHINGS at 6a -
Mason's Yard,. .

COL NA GUI. 1«. Old Bond Street, wi i
'DISCOVERIES FROM THE-
Cl NO ue CENTO, until 7 .AUBUSL Mon- '
• Frfc TO-G. Sat. 10-1.

LEFEVRE. GALLERY. 30. Bruten SL. WI,:-'
01-49S 1 57Zf*. XX CENTURY WORKS)
OF ART. Moa.-Fri. 10-5. j'

1J,.d6ks STREET GALLERY. Duke Street.: •'
x- &. James’*. SWL 950 52 £r. Faces mo 1
Nodes: Druwlnas a. Sculptures. 23-e

. • v ^ . I”** Sculuture*. 2s-e
Junb-23rd July. Man^Frl. 10.QO-5.00. ■ "

THK PARKER GALLERY, 2, Albemarle SL, -
Piccadilly, m. Exhibition of Ofrf Marlr- '
- Mtllfa ry. -and Sporting and Tonographlu:
PrtiXz tatf PajMlngs of Ship* Models, fc.

ROYAL SOCIETY OF BRITISH ARTIST
a* the Mail Galleries. The Mall. Swi
Annual Exlton. Daily fine. Sun$J ia-5 1 .
TUI. July 21SG Adjn. 50u. ‘ ’

CLASSIFIED

ADVERTISEMENT

RATES

• ' Singh’

• Per cetunr

fine - ., tin '

' ■ ' £ . ”• i* C *

Cbrnmerciai & industrial
_ Property - 8.» 27.5T-

Pasidential Property 6.00 ao.pr'

ApbolntmeiAs ' SAO ' 25.5

Business; Invostment „

OpporturiitteB .8.50 29.IX :

Businesses Jor/5flle' " ■

WarriBd • 8.50 29 .Or''

Personui . - • 6.C0 20 1> '

Moroi Cars. 8 00 jo.o,

Hotels ' & Trev«L 7 g.OCi 20.0F

Cbnaaca aTffpiiarB.. -8,00 27 Si

Book PdWishtfa ' — net t2£fc

Premium- positions available -

. '+t®rifnwnr size 30 column erna)

■ ffl.oo^jgr Biogfo column cm extra
[,-.7. ■ •’ :■ For further d*taHs mito to: ■

. • . -Classified Advertisement'
v>: ' Manager
, ' Httandal Times
10 , Caonon Street, EC 4 ? 4 B 1

1 ■' :

C'-?“ ; - i

f

.5

THE ARTS

Hayward Gallery & British Museum

William Packer

I 'A feast of
i drawing

YCRI feri

‘ i Itatwtog is amenaHe to any
j number of definitions, jod . jf
/ thcey stay ‘short' of actual eon-
1 tradiction, Oat .is a matter
i moire of hide aftd. natural forget-
fulness than itf fnteHecfiial
control. It is jadhied to be
. I what we vrigb. it to be, or say
it k* at fee timfe; and since it
f supples t he substance of this

i article, ‘ perhaps some farther
: consMteratipc. .would be .useful
i here. . .

! There : is first the practical
; approach: file tool or implement
is drawn across the receiving

- surface, and there is the essence
of it* fee mark that is. also a

. line. Such is feechartotierof
the eadiest of prehistorlc-art,
and of what there -is of the

- painting of the. anctettt world
- that survives to ua.-of Egypt anri
J Greece: and indeed so fonda-
, mental Is the finear process that
i there are those who would say
i that an Fainting is necessarily
| Drawing too. fee drawing

always inferred before, beneath*

1 within, the paint, no. matter to
: what " degree . - it * -in finally
i obsesed. From tMs realisation
•: the sense of thawing as the
; initiating* preparatory* ebqjfora-
fety process naturally springs,
j There has always been fee
I presentation drawing* made fra
its own sake* finished and com*

■ piet or. bot even. there, we feel
i the presence of fee artist hot as
! a pablic fignreinfull dress. but
J relaxed* at- ease*'. and rather
more directly* . !. poshoUIy-
I accesaWe.

j Scale plays its part, too and

- material: fee work-done within
! fee scope of the- eyes' imme-
i dials compass - and fee com*
r fortabte flexion of fee wrist fee
, stuff light and portable, quick-

drying and cheap. There are '
those of ms- who fafl back quile-
readUy upon fee idea feat a'
drawing i& anythtog done on
paper* even feat -watercolour*
feat most pafnterfy ™wim ( is
fee natural province jnE - fee ;

drmi gt rl'flWMt, * "■ ■-

Such fertwtewlfttea bd|p a
little, perhaps, bnt fee heart- of
fee business Ben bade wife feat

first* fenflamental point. The
drawtojg may be beautiful or.
dreadfully flawed, polished and
complete or but fee merest Aide
and registration of an image;
but whichever it .is, it win be
the degree to winch it gives us

• a dh^eta3^ixdima.te access, to
the artist at vodt feat will make

; it. interesting. ;

The Good Drawing may fix
fee iofotiomtiou required mthe
crudest : possible" *' way.- fee .
problem, be flmdty.respivedouly 1 '
an fee paper disintegrates under
repeated alterations, oblitera-
tions and restaietaents— the
simplest line may serve, abs^
intely. An .obvious finesse and
graphic enjoyment may not be
the point at all (and we all -
command fee nuniwl anyiHgt lJ
-cation to sign our cheques wife
i. consistent flourish, tough. we
may ; not. think too nmnh of-li);.
'-rather what we look for in feat
Good Drawing- is fee intended
mark, hand and mind togefeear-
at last* hot in fee -achievemeht ..

• ‘of a mechanical exercise or.

. tricky bat in fixing ah authentic-.

personal vision. Jt would seem
to be a definition ofDood Art

/. It . is afi fascinating; and
gxhihfttiaps of sfeMssogs always
welcome. This ‘ is Hayward
Annual time again, after, fast
.year’s waudsnSol i niMmu tfion py
J fee Beanes by Pfcasso, and it u
.extremely good fee Artis Council
should get it oh tfie rails again,
and on its way after a bit of
tfbeefceSp at the start: and ittf
Subject; I- need hamefly ■ say.
is - Rrttiriz. Drawing. Five
diflthigwsbed ‘ judges wemei
appointed to mate ftesdedus
from: an open sofoanissket— same"
6,000 works from over - 2J200
Artiste, of fern about- 260 made
tiie eat And what was etigfihe?
“ The defohtinn,” wereod in fee
c afa t oB ue, M was - defiberatety
broad in fee hope feat fete
would moreecematelsr aftow fur,
and attract amee of doatte
poeary work in d»; medmm."
“any Und of drawing,” in.foct
.“feat woodd not otherwise be
chegutiffid as a patotizzg;
scutotare. print p h oto graph or
perfiannanoe piece.”

The Animal has very much
to recommend it not least 1 its .
size and, in the oddest, way, its

- resemblance to . 'the Summer
Show in PiemtfiHy . Eschewing
the- idiosyncrasies of the

- Academy's processes, and win-
ning for itself far more self-
consciously professional a sub-
mission, fee result is an arbi-
■traiy and ecjoyable jttmhle^ale
of good things and bad, preten-
tious and inept and honest and.
accomplished, with the, visitor
left very nmph to mate what
.he can of it alL I found it far
less daunting an exercise. than
I had. feared or some of my
.colleagues found.

There is .little point in
naming names among so many,
especially' as some of fee better
known- axe weakly represe nt ed
and lucky (perhaps unlucky Is
'nearer fee mark) to he in-
cluded; but there is ' also a
gratifying number of good,
things by hitherto unknown or.
at best obscure artists to restore
our confidence. - On a personal
level, I was especially pleased
to foe work by artists I had a
'hand in picking out, in a similar
exercise; for fee Cleveland
Drawing Biennale last year,
George Rowlett and Paul.
NichoUs in particular. It is not '
a heavy show, but serious in
its way, and fee visitor should
be prepared to commit to it- a
reasonable amount -of time
-(jmGCL- August 30).' A major
extnbitian of the work of the
expressionist Chaim Souttoe
runs with it (until August 22)
and I - shall return to that
another -time.

.And- so on to the British
Museum, which is showing
(until September 12)' a selec-
tion of drawings from fee
Musezxm of Modern Art in New
York, and very remarkable, if
at moments irritating an exhibi-
tion It is. The period covered
is. fee past 100 years, the work
from' van Gogh and Seurat , to
:Carl Andre and Richard Serra,
’Which amves succinctly to make
tte.poinL . . .

The&aw is indeed somefefag
of an <*n» u t r . n>« de richcsse, but
tt Is poorly selected mid being
so is atoorafeesr too targe. The
great strength is In the earlier,
and fee international work; with
wonderful things from, major
fijjjures, Matisse-. "and Picasso-
especially* end Cezazme, Grosz*

Les Troyens a Carthage/Albert Hall & Radio 3

Max Loppert

Circe*; watercolour by George Grosz

Sfhi ffoi. «nd Mondrian; bat even
with fee best of them it is a
mistake to ■ assume feat every
one is . a whiner, and here
important figures, Ktee for
ezmxqde, or Modigliani, - are
represented by indifferent or
even amfonaficant items. Bat it
is when we come to more recent
limes that fee show becomes
most cnuhtogly tiresome, and
not least because it then becomes
narrowly pexocMaL The whole
Of fee second room, usually
given, over to Oriental Art; Is
taken 19 wife American, draw*
tng of recent times, almost
ezxdnBEvely flatulent and out of
scale, self-important and
tediously conceptual: am auto*
maHc work by Robert Morris,
done'- wife Ms eyes font, Sol le
Witt's cmnulartive straight lines,
Rausriieoharg’s preciotis and.
arbitrary robbings.- The Dm
Dine drawing of a baby is alone

Benjamin & Fijeker/Gheltenham Festival

• AndrewCJements

L’esule di Roma/Elizabeth Hall

Richard Fairntan

SOTK !

' Paul Onwsiey has become a
relatively rare recitalist hr
London of late, so much so feat
one coifld fnrgethinv ioteHgent
and synmafeetio' an Intepreter;
of feestandard repertory he cair
be. Last.Thuraday monnr^ he .
gave, a recital to fee Ftovtil©
Pump Room as - part of the
Cheltenham Festival. The main
interest in Ms ptrogramme was
the premiere of two pieces by
George Benjamin, but Crosses
excellence in ofeer music was
equally fasrfnatmg.- It . was by
any standards- & long; demand-
ing selection; Beethoven's
sonata Op. 28 and ^Schumann's
DooidsbundlertSnze in fee first
half, the two Benjamin works,
Jan&cetfs Sonata 1JT.1905 «id
three of Uszfs Etudes (Execu-
tion trmucendante in the
second.-

A nrfscafculatuKi of the Pump
Room’s acoustics — pedalling
that would have been perfectly
judged in one of the drier
London concert -halls here
muddied some textures— was
the only blemish on Crowley's
performance. Otherwise here
was a Pastoral Sonata ynfolded
with simple elegance, though
not without its. momentary
twinges of ' deeper emotion ^ ^ in
the Andante* and - Janftoek’s
sonata presented with totally
effective austerity. Most of all
it was the Schumann cycle 'that
attracted dose attention;
fearpiy focused miniatures that.

perhaps favoured Eusebius
against 1 Ftarestan, tat- with
keen* 'thoughtful . control and
always ready .to explore new;
approaches.-

i' ; Benjanfei's SortOdges ' was
origisaBy ,'tahednled for - its
fest performance by Qrbssjey at
last yeta^s festival. at. Bafe. yet
the' dday -in. : its. completion.
enabSed the pianist to bripg it
.to (feeltenham along with the
tiny Meditation os' Haydn’s
Name which- Benjamin com-
pleted eariier this .year as part
of a BBC . enmmisskm. to inark
Haydn’s 250th anniversary. The
Meditation is a neat essay- in
"wispy, impressionist textures,
through which the musical
spelling of Haydn*- B* A, D* D;
G— is sustained as a resonating
dwtd

Sorffl&ges is altogether more
complex* and one of Benjamin’s
most successful works to date.
It is essentially a piano fantasy*
cast' in two short movements* -
the first slow and brooding, fee
second more protean, and extra-
vagant and culminating in
extraordinary swirls of pitmis-
sissmo semiquavers before, a.
lyrical, introspective* coda. Ben-
jamin. is himself an expert,

. dynamic pianist and the writing
for the instrument here is
thoroughly idiomatic. The block
construction of earlier pieces
remains— there -are moments
When one craves for a bint of •

thematic development — fee debt
to Messiaen (Benjamin's
teacher) is more obvious than
ever. But it is still a weak of
ponridezabte quality, underhn-
ing its composer's premise yet
to , be completely delivered.
Crpssley played both- works
with .easy fluency, and as encore
to his. memorable recital , pro-
vided-. Ms own tribute to
Haydn’s : mune, appropriately
Messiaenic .m its vocabulary.

The previous evening fee'
concert by fee City of Loudon,
Stnforiia under Richard Hictoox
in Cheltenham Town Ha ll
brpqght the premiere of Peter
Racine Pricker’s Rondeaux for
horn and small orchestra, wife
HOr James as assured sdhnst
It 'was commissioned by the
festival fee eighth of Pricker's
works to be peremtered there;
As feat record suggests, he is
in many ways the archetypal
Cheltenham composer with a
style comfortably rooted in
20th - century neoclassidsni.
There are bints of Stravinsky
and Bartdk in fee Rondeaux;
ydiich derives its title from the
rhyming scheme of medieval
Flrench lyrics. Pricker's note
spoke, of ' “rhyming” . , fee
musical elements of fee piece,
bat to performance it seemed
more like a rhapsody for fee
solodst wife, orchestral puhetoa-
tkm — hiametess, competent and'

iWgtTwariTttfly irp mW gw^' Mfo**,

Sol many Donizetti operas
have been revived over the last,
few years feat fee pabHc might
well ask why this latest revival
merits their attention. Since
fee 1860s L’entie di Roma
(Naples* 1828) has -been -known,
only from text books, where It
:Was noted as the first work to
Win Donizetti respect As a
viable piece of theatre it has
been long forgotten, This per-
formance, the first for a cen-
tury, was not note perfect — fee
singers occasionally seemed to
be reading their parts as they
.went along— but it did have
first-rate soloists who brought
fee music alive. At least three
of their scenes gave us fee com-
poser at his most inventive.

One of theae-is fee extended
-finale for fee heroine. Angelin.
The piece is reminiscent of
opera seria : while her father
and lover are being thrown to
fee lions off stage, Argelia
paces up and down, expressing
her changing emotions in self-
contained sections of music,
each- full of vocal display : It is
a real showpiece. Few sopranos
today could do fee work justice,
and fee Donizetti Society were
lucky to have secured fee ser-
vices of Katia Ricriarelli for the
part. She has almost every-
thing feat fee role demands:
beauty of tone, a lovely legato
line, and zeal sympathy in fee
voice. Only a few forced top
notes disappointed.

In most opera houses she
wouOd be paired wife Carreras

or, perhaps, Pavarotti. Here, In-
stead, we baa fee American
Bruce Brewer, 0 very .different
type, of tenor, snxa&er in voice
and. more at ease m fee highest
register.- ' (In an inteypoteted
azia.be rose , to a high E with
no apparent strain.) Compari-
sons hove inevitably been made
wife tiie legendary Rubini. hut
as yet they teem prematare.
Where he has no opportunities
to dazzle. Brewer is less impres-
sive, either in quality of voice
or os a styfist

As fee treacherous senator
Murena, John-Paid Bogart; used
Ms fine, dark bass voice to great
effect (In fete opera it. is the
bass, mot fee soprano, who has
a mod scene.) More (fight end
diode would have been welcome
to his duet with Ricciareiti, and
the same could be saad through-
out of John Gftbs, a tf unsublfle
Pubho. The chorus was weak,
but orchestra and soloists pulled
together well under Leslie
Head’s direction. After all the
work fee Donizetti Society has.
done preparing this score from
material held in fee Royal . Col-
lege of Music, it Is good to credit
them with this worthwhile re-
vival. Donizetti's eariy operatic
success has been exiled for too
long. . .

Oliver Knussen, has won fee
Park Lane Group Composer
Award 1982 of £2,000. 'The new
award was established to cele-
brate fee 25th anniversary of
the group.

RNM» HUB. m IBIS. Par 7. -Blow
a. MAJHty mb * urm* *oo&s by
Stephen Sondlwlnu

P ALACK. CC 01-437 MM. CC Hptflfw
.40*7 fl3E7. Andrew Lloyd-Webber* SDMG
AND OAHCE. StefMnB MarN WebfaJ.
: Wayne Stoma- Due to overwhelming
-ideauiad. Now boaUas to Jen 1BS3.
Em a-G. frl A Sat 5-4S & SLJO. Some
good teats soil available nut peris.
Smp *rnto% 437 ESK, 37* 606-1 .

Prom .Aw finest mr tot on*

month only Geron* Craven. Marts Webb
return* Hem hob 1-3 Scot.

■ m ■■ i B

sr p f^te^r

SuTHIZML

Trjrr^rn T 1 Mi'i w

LYRIC THCATR*. mattesbury Are. Bor

Often 4?7 3S«6. TtJ Credit card

btes neuMed. CLEHOA JACKSON.
OCORC1NA HALK hi SUMMIT COM-
' ratENCE. A new pl*Y Xrr Robert Dartd
Mat Donate. e*» BO. Met* Wed 2.0.
Sate 9-0-

LYR1C (UMMUSMTIH. S CC W- 741
2311. 01-000 0200 <24 Un J Cve* 7.30.
JULUN CLOVER Kite tn* epic tale or
NOWUU.

MAY KAMI. S CC «2« JOJO. . Mon-Ttm
a 00. Frl end Set 6 4 Mo. Rtcbard
Todd. Dcrren NeebM. Carole Mowtem le
THE BUSINESS OF MUMMER. SECOND
GREAT YEAR. •

NATIONAL -iMKm. s ne zasa.
OLIVIER town Sta *te Tout 7.13 (low
prtcc prtvJ Opens Tomer 7X» daktonT
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LYTTELTON (pnMenhm. stag*) Len 4
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1ES"?

Mr 29. 30. 3fl ntoe. Ado 2. a 4 m4e
ON -THE RAZZLD

COTTKSLOE (mill Mdltertaw low price
UrtS) Tout Tomor 7 JO The BEGGAR'S
OPERA bY John Gay.

Excel lent cheap seats day or parr all
3 tha w s. Summer etandhy from lb am
day of pert. Car Mr*. Restaurant BZO
2035. Crerik card hfcaf 924 S933.

NT al59 at HER MAJESTY’S.

PRINCE EDWARD. Dm Rice and Andrew
UoyO^Wefefaer's EVITA. Die. ,bV Hal
Prince. Em a.o. Law price Mats
TThk- A Sar 3. -a. Em oerte end 10-15.
Box Oftce -*37 5877. CC HetUiw 450
ma. GW UKs 570 SOfit or B-O |MK.
24JW- bkss Teledata 01-200 0200.

RAYMOND REVUESAR. CC 01.734 1593
Man-Sat ntently 7pm. apm. 11 Dm . PAUL
RAYMOND presents THE FESTIVAL OF
SROT1CA. SMClal cencesteoe.lq wewftcra
at HM Armed Forces- Admission £1 -00
to any 7om pert. 25th tensatUwai year.

ROUND HOUSE. 267 2564. OXFORD
PLAYHOUSE CO In THE CHERRY
ORCHARD by Anton Chnkhw. Prev*
•AW 6 A 7 at SA Seats £2«S0. Snaoal
Tea Matmte Aofl 7 M 4.0, S eats £2.75.
OHM A IB 9 It 7 jO. Sab e*B* 6-0.

ROYAL COURT. S CC 730 1743. Em
o.O. Mat Sad 4.0. Mon Cvbs & tet mat
all Beau £2. INStCNIFKANCE by Tamr
Johnson,

ROYAL nsnVAL HALL. 01-93S 3191.
LONDON- MBTJVAL BALLET .July 27-
Aog 14. A Sommer season or classical

savoy, s oi-eee aana. cc oso 0232 .
Evenings “7 AS. Mate Wed 2.30. Sat
5.0. 8-30- MICHAEL FRAYN'S NEW

COMEDY NOISES OFF. Directed by
MICHAEL BLAX6MORC.

ST. GEORGES SHAKESPEAREAN TH.
01-807 1128. Feb 7JO PDI MACBETH
Thnr. TWELFTH NIGHT Frt. Sat. LAST
WBK.

ST. MARTIN'S. CC KS6 1443. E«ss B.
Two Mat 2A5- Saturdays 5 4 8.
Agatha enrtede - *' THE mousetrap.
World's ' lom«t-e*er run. 30tli Year.
Fully ati'coodMooed Bieatre.

VAUDEVILLE. CC 01-536. 99BB- Em 8.
wed mats 2^5. Sate 5 4 8. GORDON
JACKSON In AGATHA CHRISTIE'S
CAROS ON THE TABLE. Fully air-
ctmdMofied theatre.

VICTORIA MLUL CC 01-B30 92tS2.
Ol-teo 473516. Group Sales 379
6061. DENIS WATERMAN. ANTON
RODGERS. The New* Musical WINDY
CITY. _ Baaed on the Wav The Front
F»ae- .Brewed by-Peter Wood. Open* »-
ntttit 7ma. Sub Mshtly at 7 JO pm.

* gf 3 pm. Credit cart
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WESTMINSTER. CC 834 0293. HANNAH
CORDON, GWEN WA7YORS. f AUL
DANE MAW. JOHN CARSON la TUB
JEWELLER-SSHOP bypSTjOhn FJul
II. £*» 7^5. Mete wed 5 Sat 2.S0-

6975-6076 & 9M>

® 6^ -TTSS . ROE ERT POWELL as PMWp
♦i'fMtowo. -MONTAGUE as Raymond
CharvUer Ta PRWATi DICK wttti Renme

The second part of Let
Troyens. at the Proms on Sun-
day, fared rather better— or
rather less disappointingly—
than the first This is not to
say that the two narrators
were any more welcome, or
that Rozhdestvensky, conduct-
ting. could claim any suddenly
improved understanding of the
unique Berlioz operatic style,
especially that area of it
deriving directly from fee
Gluckian model of recitative
and arioso (in which fee con-
ductor's ability to keep abreast
of bis singers was often severely
in question).

But the Carthaginian , acts of
fee opera divide more easily
into distinct numbers than the
severely moulded Trojan; and.
while much orchestral detail
could still have benefited from
a more considered kind of
rehearsal scrutiny than Rozh-
destvensky apparently deigns
to undertake, the chaste
Mediterranean magic of self-
contained episodes was after all

quite potently evoked. Choral
singing was stronger, orchestral
playing on the whole less
ragged — a passing word for the
clarinet playing, beautifully
classical ou both evenings, of
Roger Fallows.

When such respects have been
paid, and when the richly
vibrant Anna (Cynthia Buchan)
and strongly stylish Narbai
(Pierre Thau* single French-
man of the Prom casts) have
been saluted, fee centre of the
stage belongs almost as of divine
right to Jessye Norman. Miss
Norman was here a Dido of
fabulous regal dignity, infinitely
fine and tender in small things,
whose voluptuous soprano
spread a sheen of luminosity
and warmth over fee entire halt
The grand classical heroine,
furiously passionate in final
downfall, feat Josephine Veasey
used to show us is fee aspect
of the role still to be compre-
hensively-mastered by her suc-
cessor— though Miss Veasey had
Colin Davis to urge her to fee

heights, whereas in passages of
torment and despair Miss Nor-
man was sometimes heard to be
working all but unaided.

Nevertheless, as nothing this
singer does goes without deve-
lopment and further deep study,
wo may happily predict that in
a future Troyens, of worthier
overall preparation, this must
become a Dido beyond compare.
In that performance, she will
surely be partnered by an
Aeneas less unkind to the ears
than Richard Cassilly— in Fri-
day's part of the opera, fee
tenor got by on loudness, where-
as on Sunday the line called for
rather more lyricism than sten-
torian force, and Mr Cassilly (a
not insensitive or unintelligent
performer) was often sadly at a
loss. Though the lyric tenors,
a suave lopas from lan Caloy
and a haunting Hylas from
Anthony Rolte Johnson, did
their best, the performance was
even more wanting in the heavy-
weight department than it was
in the conducting.

Toyah/Hammersmith Odeon

Antony Thorncroft

outstanding, which Is something
I had never thought to say.
Such a collection would be
rather less questionable on its
own, but here it fa shown up
by fee company At attempts to
keep. .. -

And what does Ihe Museum
of Modem Art to -New York
have to teH us about British
Art? Three artists most do. fee
vorticist- Lawrence Atkinson,
and Henry Moore and Jacob
Epstein. And where are Walter
Sickert, Gwen John* Stanley 1
Spencer, Paul Nadi, Graham ,
Suftwamd, Lurfan Freud, David '
Jones, Leon Kossoff, Frank
Auerbach, David Hockney — and
there are many others? It is
frustrate^ and even disappoint-
ing ' an - exhibition to so many;
ways, but something to savour
aH fee sam** for fee few
wonderful oysters to fee stew.

Toyah belongs to that bust-
ling band of people whose
determination to be famous has
brought her success. Whether
she is now a singer, an actress,
or just a face is hard to say.
She certainly seems to be as
talented at all three, as most
other contemporary performers.

Watching her at Hammersmith
it was the look feat was most
memorable -r a face acting at
being a ringer, and since Toyah
has worked hard at projecting
an image above all else, this is
as it should be.

Not that she sings badly. She

performs rather, declaiming
modish youth theories dressed
in black with a spikey thatch
of pink hair and against a back-
cloth of a futurist city. Her
band was excellent and the
fans, mainly young men anxious
to shriek her name non-stop,
enthusiastic. The songs are
aimed at youth — “Street
creature.” “Free,” “The angel
and me"— and put over with
tremendous energy, Toyah
shaking around like the doll
in Coppilia.

Toyah comes across as rather
nice and jolly, at odds with her

screwball looks— but then she
is a good middle-class girl. She
makes little use of her sex and
for an actress does not go in for
much posturing — her gestures
arc limited, and for the most
part the lighting crew seemed
reluctant to spotlight her. It
was all mildly endearing and
optimistic wife the strength of
her songs the anthem-tike
quality which gives them fee
simple appeal of football chants.
The parents waiting outside
would have enjoyed it, too, and
might have wondered what
happened to disaffected youth.

Kevin Volans/ICA

Andrew Clements

Throughout last week an
exhibition of photographs by
David GoldWatt and tapes by
Kevin Volans took over- fee
upper gallery at fee Institute of
Contemporary Arts as part of
ihk summer’s MusIC A series.
The installation bore fee title
“ African Paraphrases ’’ tod
over fee weekend it was supple-
mented by performances of other
African-inspired pieces by
Kevin Volans, played by Paid
Stomnonds, Robyn Sctarikosky,
Margriet Tlndemans tod fee
composer.

Volans was born to Pieter-
maritzburg in 1949, studied in
Cologne wife Stockhausen,
Kagel and Aloys Kontarsky

between 1972 and 1981 and now
teaches at fee University of
NataL The three pieces heard
in fee hour-long concert (I
caught Sunday afternoon’s per-
formance) all stay close to their
roots in southern African
music, to the extent of retiming
two harpsichords to the non-
diatonic scales fee originals
employ.

The result is music of fresh,
invigorating invention, manag-
ing to relate itself to both
native and European traditions
without ever seeming contrived
or fey. If biro, for two retuned
harpsichords and rattles, and
Matepe for harpsichords, rattles
and viola da gatnba, took
melodies from Shona musicians

and combined them into an
elaborate patchwork of phrases
and refrains, not a million miles
away from American systematic
composers such as Terry Riley,
but far more tearing and
unpretentious, fee overlapping
harpsichord patterns picked out
by the viola da gamba.

White Man Steeps treats its
originals— from San* Tswana.
Basotho and Nyanga musics —
far more freely. The melodies
are fashioned into a series of
five dances, endlessly inventive
in the effects they obtain from
the same limited ensemble* and
communicating enormous
energy. It seemed to be as much
ftm to play as it was to listen
to.

Arts news in brief

For the first time since it was
given to fee nation 35 years
ago by fee seventh Duke of
Wellington, Aspley House, fee
Wellington Museum at Hyde
Park Comer will be open to
fee public from today.

Detailed research by fee staff
of the Victoria and Albert
Museum, which administers the
house, has revealed the Duke’s
taste in interior decoration, and
four years’ work have returned
much of Aspley House to its
original appearance.

The spectacular Sevres Egyp-
tian Service will be on perman-
ent view for fee first time; the
paintings in the Waterloo Gal-
lery have been rehung in the
manner of fee Duke’s day, tod
even the railings in front of
the house have been repainted'

their original bronze-green.

Admission is 60p for adults
and the museum will be open
Tuesday to Saturday 10 am to
6 pm, Sunday 2.30 to 6 pm.

*

. The Theatre Royal Bath is re-
opening on November 30 wife a
National Theatre production of
A Midsummer Night's D ream
with Paul Scofield. This will be
followed by The Night they
raided Minsky’s by the New Vic
Theatre and the annual panto-
mime, Cinderella.

*

The winner of fee £5,000
Triple First Award, the new
annua] literary prize for a first
novel, announced last year by
The Bodley Head, Penguin
Books and Book Club Associ-

ates,- Is David Wheldon for his
novel, The Viaduct.

It will be published by : The
Bodley Head in February 1983,
and will be a choice of fee
Literary Guild. It will be pub-
lished in paperback a year
later by Penguin Books.

The novel was chosen from
among 641 typescripts sub-
mitted for the prize, and was
the final choice of fee two con-
sultant judges, Graham Greene
and William Trevor.

7n fee opinion of Graham
Greene. “The Viaduct is a re-
markable novel,” and he goes
on to write feat he is amazed
that it is a first one. David
Wheldon is 32. He is a medical
raicrobioiogist at a hospital
outride London.

PUZZLE NO. 4,927

ACROSS

1 Acted like a vandal and was
dismissed (6)

4^The control of fee stock-
holder? (4-4)

9 A pop song creature (6)

10 Scoundrels who show no
compunction in brea k ing
into houses (8)

11 Charges for plants (6)

12 Put up wife fee -closed
- shop (8)

13 A short spell of physical
jerks is appropriate (3)

14 Makes work play perhaps

( 6 )

17 Perhaps he’s right to
gamble and drink (7)

21 It may be recommended as
a sun resort (6)

25 Part of a wheel that pro-
jects about a centimetre (3)
28 Young female accompanist
( 8 )

27 A trying delay (6)'

28 Complete description of a
mustang (S)

29 It’s evenly distributed as a
name for either sex (6)

30 There is nothing amiss in
such speculations (S)

31 It gives you a walk-over in
' fee game (6) '

DOWN

1 It’s a pest, in the main (5, 3)

2 For which one needs to be
to fighting form? (5, 3)

3 Weather men caught to a
flurry of sleet (8)

5 The full extent of the rise
(6)

6 Game in which you have to
leap about (6)

7 Remains and suffers '(0)'

8 Being badly, used is In
neglect (6)

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in

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■ a

■

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IJHH

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yimiii mummumi

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12 Simple type but he shows
skill In 31 across (7)

15 Reserved for the cast (3)

16 Service information (3)

18 Assume the captaincy and
do some bowling (4, 4)

19 Attacked as the ship left
port (8)

20 A leading function (8)

22 Free of charge? (6)

23 Take a walk to the rose-
garden (6)

24 Zt may be rude to make a
digression (6)

25 To be consistent he must be
to the- middle (6)

Solution to puzzle no 4,926

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16

Financial Times Tuesday ^July 20 1SS2T

FINANCIALTIMES

BRACKEN HOUSE: CANNON STREET, LONDON EC4P 4BY
Telegrams: Fmantimo, London PS4. Telex: 8954871 .
Telephone: 01-248 8000

Tuesday July 20 1982

CAN rr really make sense to
leave a heavily protected state
monopoly in charge of an im-
portant part of the communica-
tions revolution? The
Government clearly thinks not.
And with one eye on the
privately owned and notably
efficient Bell System in the U.S.,
Mr Patrick Jenkin, the Industry
Secretary, has announced that
51 per cent of British Telecom
is to be sold to the public if the
Government survives -the hurtfle
of the nest election.

On the face of it the BeU
System offers an attractive
model — a model that is all the
more appealing to the present
Government in the light of
recent moves to have American
Telephone & Telegraph, the
holding company, reduce its
monopoly by divesting itself of
its local telephone operating
companies. But it is question-
able bow far the transfer of 51
per cent of the ownership of
British Telecom to the private
sector wifi help produce
similarly impressive results.

One of the chief disciplines
of the caprital market — the
threat of takeovei^will be
largely absent since the Govern-
ment will retain 49 per cent
And since private individuals
are, in the aggregate, net sel-
lers of ordinary shares to
institutions such as insurance
companies and pension funds,
the public will not be particu-
larly well represented on the
share register. In effect a
measure of control will pass
from civil servants mainly to
professional fund managers
whose ability to monitor the
performance of a large-scale
high technology concern of this
kind is unproven.

concerns British Telecom’s role
in its own market place. Mr
Jenkin accepts that British Tele-
com will continue to dominate
the market for telecommunica-
tions for some years and- that
proper regulatory arrangements
will be needed to balance the
interests of suppliers, custo-
mers, employees, investors and
the telecommunications com-
panies themselves. To that end
the Government proposes to set
up a new Office of Telecom-
munications, to be modelled on
the Office of Fair Trading. The
director general of the new
office would be required to
ensure fair competition and fair
prices.

Competition

Control

What privatisation will bring
is greater access to capital for
British Telecom, which has
hitherto struggled under the
yoke of the Treasury which
traditionally uses the public
sector's growth industries as
mflch cows with which to
reduce the public sector bor-
rowing requirement It is good
that this state undertaking may
now stand a sporting chance
of being able to find adequate
finance for its Investment pro-
gramme, though a dismal reflec-
tion on the system of public
expenditure control that makes
privatisation, with attendant
transaction costs, the only
obvious way to achieve that
end.

Arguably the more important
part of yesterday’s White Paper

Control over tariffs is essen-
tial if British Telecom Is not to
abuse its monopoly pricing
power either by squeezing the
consumer or through undermin-
ing competitors via excessively
low prices. And the meaning
of “fair competition,” which
remains unelabo rated in the
White Paper, will need con-
siderable spelling out to ensure
that the full benefits of com-
petition are reaped.

There is something Inherently
worrying about a single mono-
poly corporation taking all the
decisions about, say. the re-
newal of cable and transmission
equipment and investment in
new exchanges. More competi-
tion in communications would
help reduce the risk of over-
dependence on one kind of tech-
nology or system. And by
attacking British Telecom’s cen-
tral purchasing power, it would
ensure that suppliers were no
longer building to 'a single
specification. The scope for
new products. . new export
opportunities and new jobs
would be opened up.

A number of questions about
the proposed flotation r emain
to be answered. Existing pen-
sion obligations, for example,
which involve all manner of
technical problems at British
Telecom relating to past fund-
ing liabilities, are to be safe-
guarded; this could pose pros-
pectus headaches. But the
general case for opening up the
field to more competition is a
powerful one. The mere exis-
tence of Mercury, a potential
private-sector inter-city tele-
phone system operator, has
already visibly sharpened up
British Telecom’s responses.
That is the way to produce a
communications network which
is more responsive to consu-
mers’ needs.

Close to a deal

in Namibia

NEGOTIATIONS FOR a peace-
ful settlement in Namibia
(South West Africa) seem to
be dose to success. Talks
taking place in Washington,
New York and Angola in the
coming days are widely re-
garded as crucial to the fate
of more than four years of
painstaking diplomacy, and
thousands of miles of diplomatic
shuttling, which have been in-
volved in rhe effort. IF it does
succeed, the exercise will repre-
sent a victory for good sense in
Africa, it will remove a major
source of instability in a region
desperately in need of economic
development and it will provide
a notable foreign policy success
both for President Reagan in
Washington and for the cause
of Western cooperation.

allies regard the presence of
Cuban troops in that country
as an internal matter for the
Angolan government They
were summoned during the 1975
civil war. it is argued, when
South African troops invaded
from Namibia, and they will
withdraw only when the threat
of further South African aggres-
sion against Angola (as opposed
to Swapo) is finally removed.

There is no doubt that South
Africa wouid be reassured by
the departure of the Cuban
troops, and that Mr F. W. Botha,
the South African Prime Min-
ister. needs such a card, to
present to his own domestic
electorate, to persuade them
that a Namibia settlement is
worth while.

Presence

The settlement plan spon-
sored by five Western nations
provides for a United Nations-
supervLscd ceasefire in the
territory, where South African
troops have been fighting guer-
rillas from the South West
Africa People’s Organisation for
seme 15 years. There would
then be a progressive with-
drawal of South African troops,
while a joint UN-South African
administration made the neces-
sary arrangements for an elec-
tion to a constitution-drafting
assembly— which in turn would
lead the territory to indepen-
dence.

In spile of general agrenient
on that plan, its implementation
has been bedevilled by pro-
found political mistrust be-
tween. on the one hand, South
Africa and its sympathisers in
Namibia and. on the other,
Swapo and its African allies in
the Organisation of African
Unity.

Or.e major stumbling block
remains in the way of the
latest hopes of agreement: the
presence of an estimated 15.000
to 20,000 Cuban troops in
Angola, where Swapo’s guer-
rillas have their bases. The
question of the Cuban troops
has never been directly part of
rhe Namibian negotiations, hut
it has been indirectly linked
since the advent of the
Reagan administration in
Washington. An awareness of
U.S. concern has encouraged
South Africa to use their
presence as a key bargaining
tool

Both Angola and its African

What the U.S. negotiators
have sought to do is reach a
separate deal with .Angola on
Cuban withdrawal, which the
Angolan government - can pre-
sent as a sovoreicn decision,
while Mr Botha could argue that
it was part of the package. The
danger is that Mr Botha's very
public demands for direct
linkage of the two issues may
make it impossible for Angola
to agree.

It would be a tragedy if the
isue of the Cubans were
allowed to abort the Namibian
negotiations at this late stage.
Angola has made it absolutely
clear that they will leave when
the threat of South African
attack is removed — and with
Smith African units now oper-
ating at will across the
Namibian border, that Is a very
real threat

Assurance

What The Western five must
do Is persuade Angola and its
African allies that it is not just
a question of Cuban withdrawal
that is related — indirectly —
to a Namibian settlement, but
the stability of the whole reg-
ion. K the Africans could be
given a Western-backed assur-
ance that South Africa would
cease Its destabilisation activi-
ties in other parts of the region
—for example In training and
supplying anti-government
guerrillas in Mozambique — then
a demand for Cuban withdrawal
might become more acceptable.
In that way, a Namibian
settlement would indeed become
what Its promoters desire: a
basis for stabilisation through-
out southern Africa.

CANADA’S BANKS

A

energy

By Richard Lambert

T HE CANADIAN banking
system, long recognised
as one of the strongest in
the world, is going through a
period of extraordinary un-
certainty., Last week, Mr Row-
land Frazee, who as chairman
of the Royal Bank of Canada,
heads the fourth largest bank
in North America, wrote to his
1,500 branch managers: “ There
is no justification 'whatsoever
for any doubt as to the safety
of depositors* funds in the
Royal Bank of Canada " he told
them. "...It would be noth-
ing short of preposterous for
anyone to suggest even the
slightest possibility of a situa-
tion in which the Royal could
not meet its obligations to
depositors.”

A few days earlier, a provin-
cial politician in British
Columbia had briefly made the
hea dlin es with a wholly un-
founded daim that another
major Canadian bank was in
danger of going under. At
about the same time, on the
other side of the country, a
third large bank suffered a
brief run at one of its branches
in Newfoundland.

'What makes this so remark-
able is that by any objective
standard the integrity of the big
chartered banks in Canada can-
not be questioned. It is true
that their capital ratios have
deteriorated over the last
decade— C$1 of net worth now
supports nearly C$32 of assets
compared with C$21 a decade
ago— but this pattern, is not out
of ling with banks in other
countries.

The system is concentrated
around five powerful banks,
which together control over
four-fifths of the country's
banking assets, and it has an
enormous strength in the
quality of the banks’ liabilities,
which are built on a solid core
of retail deposits collected
through a network of 7,500
branches spread across a diver-
sified economy. These deposits
represent something like four-
fifths of their Canadian dollar
liabilities.

The hanfcs are also well
spread Internationally — roughly
two-fifths of their business —
with a heavy emphasis on the
U.S. and Western Europe.

per cent. That. .would work, .but
at' C$73m after .tax ”— a figprt'L
wfcfcfc- would be very cbmfprfr. -
"ably ‘covered by (his year's ear* i

Mr Robert EortKals,' president :
of the Toronto-Dcnhinios Bank -.
mates the Same point 7 ~ n lVf
could take a huge iflwefc- ;«&■
TjtiU ^cover./lt out., of
earnings," he says. ' - ? - . '■ v .

. With : iJmost . no' inefeioe . ih :

. overair lehding this yean; the-

capital' ratios of most tftfiebg-

banks are actually ^

- little in 1982. The meaner they '
-wwt-.'fid ‘get across- . Uvifcat.

business conditions would 'have
foget worse than they arapow
before freir dividend payments
were threatened— let ato&e toy.
thing more drastic. - >• ■*?%' ■ •
However, one bank jfcstrour.

ride the big five has' cut lb-
I* T.'Jqtf &

Graham lavm ■

has something like C$7bn of
debt outstanding. roughly
C$4bn of which is owed to the
Canadian banks.

Their role in the economy
and society is broadly compar-
able to that of the UK clearing
banks, on which they are
modelled. So the present mood
of jittery concern, which has
been fully reflected in tumbling
prices on the stock exchange, is
obviously alarming.

It stems from three connected
sources. One is the serious
liquidity strain now being faced
by just about the entire
Canadian company sector at a
time when profits are falling
through the floor. Another is
the level of business confidence
in the economic management of
the Federal Government, which
is at a very low ebb. Third,
and most important is the
financial condition- of Dome
Petroleum, a once high-flying
eqexgy group which has run
into serious cash flow difficul-
ties. With shareholders’ funds
of little more than C$lbn, it

In the view of Mr William
Kenneth Canada's Inspector
General of Banks, u if the Dome
question would be resolved, the
wholly unwarranted concern
about the Canadian banks would
disappear.” Mr William
Mulholland, chairman of the
Bank of Montreal, agrees.
"Dome simply has to be fixed
because it has -become a
symbol,” he says. "The con-
sequences of not fixing it are
out of proportion to the size
of the problem.”

At the . moment, the -com-
pany is np to date with all its
interest payments. But it has an
enormous volume of debt fal-
ling due in the coming months,
which will have to be roiled
over in some way.

The quality of Dome's
security varies from bank to
bank, which complicates the
problem. But bankers and .
government officials agree on
one point: the company is
backed by a solid portfolio of
energy assets, capable of pro-
ducing revenues when they are
eventually brought into full
production. “ The worth is
there: I'm satisfied of that” says
Mr Russell Harrison, chairman
of the Canadian Imperial" Bank
of Commerce which is one of
Dome’s biggest lenders.

The banks and the Govern-
ment axe now attempting to
agree on how to share the pain
of a financial reconstruction.
But given the assets backing,
Mr Gerald Boiiey, Governor of
the Bank of Canada, says that
" whether there will he any pain
at all in the long run is another
question.”

Dome is the most spectacular
victim of the hangover which
has hit the energy sector after
its acquisition binge of the past
two years. There are others:
Tuflbo Resources, for instance,
where total assets rose from

C$1 67m to more than C$lbn in
two years with the help of
roughly C$700m of bank loans.
It too is looking for a recon-
struction.

Total acquisitions in the
energy sector during the 16
months to tins May amounted
to more than C$7.5bn, and the
bids were made at an average
premium of 55 per cent over
the previous stock market high
of the companies being
acquired.

This spending spree was
triggered by the Government’s
National Energy Program
which has as one of. its major
objectives, increased Canadian
ownership of oil and gas. It.was
made possible by the aocom-

businesses shot up by 53 per
cent in. 1981.

The result .is that finance
costs have been, taking a much
larger bite out of profits, which
are already being severely
squeezed. Inflation in Canada
is still running at an annual
rate of about 11 per cent, and
in weak market conditions com-
panies have simply not been
able to pass this on— especially
in the important natural
resource sector where prices in
real terms have fallen to.
historic lows.

Volume has been coming
under pressure, too. The
economy swung steeply into
reverse after an unexpectedly
strong first half in 1981, and

By any objective standard
the integrity of the big banks in
Canada cannot be questioned

The service sectors are also
having - their troubles. Mr
Bernard ■ - Ghent, president of
Cadillac Fairview — one ..of
North. . America's . largest
publicly owned property com-
panies, says that demand for
office space is pretty pome right
across the country at present.

The -impact of all this has
already- been painfully felt In
the small company sector —
business bankruptcies jumped
37 per cent in the -first half of
the year— and large companies
axe coming under Increasing
pressure. Despite enormous
efforts to reduce costs, ..Massey
Ferguson— the best known of.
Canada’s walking wounded— is
still In an extremely , frail con-
dition. Mu recent weeks it has
been seeking defer both
interest payments and pay-
ments to suppliers, and its lead
bankers will be called to a meet-
ing in the .near future to re-
assess its financial needs follow-
ing the last capital reconstruo-
tion.- ; -

modating policies of the banks,'
which were swept along in . the
mood of euphoria when it
seemed that energy prices
could only go op. Instead,
lower than expected gas sales,,
rising interest rates and new
taxes meant That many ‘com-
panies had far less money avail-
able to them than they had
expected. And with East Coast
refiners picking up bargain
offers of crude on the inter-
national' market,, the produc-
tion of oil in Alberta has been
running way below target.

There were other major take-
overs outride the energy field
in 1981, and again they were
largty financed by the banks.
On top of this, companies were
forced to borrow heavily to
finance big capital investment
programmes at a time when
their internal cash flow was-
falling away. Altogether, the
funds raised by noaflnancial

there are no sighs yet that it
has touched the bottom. Accord-
ing to Mr F. S. Burbidge, chair-
man Of f-nrutritnn Pacific,
“ There is no question that
■ traffic is very soft on the - rail-
road at the moment in all
sectors except for grain.”

Surveying the bleak view
from Noraflda, a major mining,
manufacturing and forest pro-
duct business, chairman Mr
Alfred Powis -says wanly: **We
are losing impressive sums' of
money.” At Imperial. Oil,- the*
Exxon subsidiary which is
Canada’s largest energy group,
product volumes are down one
tenth so far this year, accord-
ing to Mr Bill Young, a sensor
vice president Motor vehicle
sales are well down: negotia-
tions for a new labour contract
are under way at Ford and
General Motors accompanied by
much sabre rattling from both
sides.

- The'- bankers have: already
taken their punirirment on
Massey: the Commerce Bank, its
main Canadian lender, provided
C?100m in JL980 ag^hst its.
Massey loan. But in general
there is no question that their
bad debt experience is -rising
sharply... ; V. -

The fact is. though: that the
big five 1 banks are still comfort-
ably profitable. According to
the Commerce ' Bank’s. Mr
Harrison, "the Canadian. banks
will write-off this yeafsome-
thing over double what they
haVe ever done before, and
there is no reason to think that
next year won’t be as bad.”
Yet, he adds, his bank will still
make Its second highest ever
profitiu 1982, 1

■ : As for non-performing loans,
Mr Harrison says that the total
figure, at the Commerce Bank
will probably reach C$lbn in the
next year, up from CSSOOm or
C$80Om a year ago. "Suppose
we had' another C$lbn, which
we won’t and that cost us 15

ffivtdehd BT Kt made - „

the* first half of this. year. JT&r _
NatipnafBauk of Cwnada^atririf ‘
bmrassets of CSMfen awlcaptt*t
mud reserves tit Kttie mori* ifcaa *
C$500m was formed- mrac$ a
merger - in- 1979. -35$: bni -tunT
v rough ride in' the Meriro ■
years. Vv' ' • zW'ii.b.,-/

'-Among other things, tfeMnint '■
suffered frifcn high- oMieadr .!
and mismatched. loans, and. Jv.f
.has been pruning backlts I
branches heavily. JinGyr s^tm i
to.be: making progress. . * Tied J
good about how the National |
is developing." says Inferior
General Kennett. “Its stnk-
tiirai _ problems “have : Targ^y
been overcome"- Thds^viewifc
repeated by senior bmiktta,
also point out thaf-es Canada'
only Francophone bank,- Na
tonal has political as weH
financial significance. -
In * Canada’.? -dosdyrknl
banking community; Pftkionf
is hot likely to find itself -shot
of- friendly support.- . : :

: ' The mood" in Canada's final
cla! sector today Is welrdt
familiar to anyone who Was I
the City, of London . in I93V
Then, too^ there- was a rueffl-
recognition within^ the bank
that they had been 'swept awa
in a mood of euphoria — in tha
case in- .lending money to th ;
property .sector. ?. There wer
-wild rumour? .feat one of th
dearer* was . hr- trouble. Tb
Government was held -In cot
tempt by large sectors of bus.
ness, and many companies wer :
firing acute - balance - sftet '.
prqW«D6. There was. even
high-flying ^energy company V
trouble: for Dome, read Runna"
oil.

Mr jBohert .Utting, now vie*
chahm&ir oTfoe Royal Bank o
Canada, was in London eigfc
years ago as the bank’s vice
president for Europe. - H<
believes, now. that- "Dome Ir
large measure wHi .be resalvec
in the. same -manner.. tha'
Burmah was; with an orderly
disposal of assets and a realign
mart of management"

■ Staying with the parallel, hi
argues that. • u like Canads
itself, the Canadian bankin*
industry ‘ has - been ven
seriously oversold, as a read
of. - excessive and kresponsibli
speculation.” .

If that view is correct. tiie»
a satisfactory resolution of th
Dome affianr eontkT bring
radical change in sentiment

Men & Matters

Slow burn

When Rothmans International
announces its results today they
are unlikely to disappoint the
market where analysts have
been gradually upgrading profit
estimates. Also the share price
is heavily buoyed by hopes of a
bid from Philip Morris which
Indirectly controls 22 per cent
of the company.

But the Rothmans board has
another pressing problem on its
hands. Should it pull out of
Formula One motor racing
sponsorship where currently it
is spending more than £500,000
a year to sponsor the March
team ?

Last Sunday^ British Grand
Prix underlined Rothmans
dilemma. A Marlboro car (the

Philip Moms tobacco group)
won the event and a John
Player Lotus came fourth. The
Rothmans cars came nowhere.
Neither o£ the company’s top
drivers has yet notched up a
point in the world champion-
ship table.

If Rothmans continues its
sponsorship it will have to
spend much more. A new car
to compete with the world's best
would cost round £3m to de-
velop. The alternative would
seem to be to pull out of big-
time motor raring altogether.

tage of actually being on the
rail- network, unlike the venues
of the previous two years —
St Andrew’s in Scotland, and
St Peter Port, in Guernsey.

Every year, the conference
decides where it will meet 12
months later. And every year,
proud Yorkshireman Weigh ell
has tried to steer it towards
his home county at the request
of his mother, Mrs Rosalena
WeighelL

She stQl lives . in Northaller-
ton — son Sid’s , birthplace— and
would like to see her lad do
his stuff without travelling to.
the far-flung outposts favoured
so far by the NtTR.

Hard-hearted NTJR delegates
have constantly rejected

Can there be such a surfeit
of takeover talent in Hong
Kong, working its calculator-
fingers to the bone? Or is
banking just, boring? The
message is dear: if you measure
happiness in quarter-points
over prime, head. East young

man

Van Marie himself is, inci-
dentally. a new' .arrival.
Formerly running international
capital markets' for Schraders
in London, he' took over from
Wm Bischoff in Hong Kong last
month.- Bischoff, . meanwhile,
has gone back to London to
take over Van Marie’s odd job.

pany with as many sous/
daughter^ and nephews/nieces
working on the management
team?

Sutherland cares enough about
its family involvement to offer
a case of sparkling wine as the
prize '■for the* company that can
better its record.

Queen’s guard

Weighell’s pleas. But this year
After

they 1 have finally yielded,
a tense vote, the chosen place,
beating Ayr, Coventry, New-
port, Torbay and Weston-super-
Mare, is . . . bracing Bridlington
in God's own county.

Busy families

Interest rates

Northern Line

Sid Weighell's cup of joy
runneth over. Not only has the
Aslef strike ended — but the
general secretary of the
National Union of Railwayman
has won a long tussle with his
own men to please his 85-year-
old mum.

Railwayman like to capitalise
on the sometimes dubious
benefits of concessionary travel
provided by their employer by
holding their annual confer-
ences as far away as possible
from the usual, trade union
resorts of Brighton and Bladc-
pooL

This year the NUR was in
Plymouth; which had the advan-

If City banks harbour any
jilted lovers, rail commuters,
wanderlust sufferers or any-
body else with a desperate urge
to quit the country and head
for the exotic East they might
do worse than start writing to
managing director Theo Van
Marie at Schraders and Char-
tered in Hong Kong. Scbroders
and Chartered, a joint venture
between — yes—Schroders Bank
and Chartered Bank, plus the
Kadoorie family, is beefing up
its wholesale banking business.
The will is there, says Van
Marie, but the people strangely
lacking. The problem? The
glamorous lure of corporate
finance. 'Hie Bank recently put-
two recruitment advertisements
into the local Press. Hie first
was for bankers and dealers,
the second for corporate finan-
ciers and investment managers,.
Result — 250 replies from
aspirant merger merchants, a
mere four from saJt-of-the-earth
mainstream bankers.

This is a reader’s idea,, not
mine. With the silly season
almost npon us that splendid
family company of E. T. Suther-
land and Son of Sheffield
(founded in 1927 to pursue the
manufacture, of potted beef
paste and sahnon paste) has en-
listed my aid to challenge
British industry to produce a
company with & stronger family
line in its top management. .

Sutherland turns over about
£15m a year in fresh spreads
and fresh foods. It is laying
down its challenge to all-comers
in terms of family involvement
rather than products or profits.

Edwin Talbot Sutherland, the
founder, who died last month at
the age of 90, started the busi-
ness with one delivery vaii.

Now there are seven Suther-
lands in top management. Edwin
Talbot's son Peter, aged 57, is
c h a ir ma n . Peter's eldest son
Nicholas is the managing direc-
tor. Number 2 son Robert is
the technical manager. Number
3 son Alistair is the marketing
manager. Number 4 son James
is the accounts manager.. Num-
ber 5 son Peter John has just
joined the firm. I should add
that Peter’s nephew David Is
the production director.

The burning question .Is: can
there be another .British com*

The goings-on at. • Buckingham
Palace, says my man In Peru,
are even the talk of the town
In Lima, where they are having
their own problems -preventing
male intrusions into '.ladies’
bedrooms. -

/Seventy-seven bedrooms to be
precise. For the capital of the
Andes is this week host to the
1982 Mias .Universe contest
.sponsored by Paramount Pic-
tures, And the 77 . finalists —
including a 20-year-old blonde
Miss England^ Bella Donlan —
are all staying on one floor of
the same hoteL
The girls are being guarded
day and night by 38 chaperones,
all daunting matrons hired by
the local TV station and com-
manded. by a definitely not-to-
oe-trifled-with . woman called
Irma Vargas.

■ But security problems persist
Nearly 50,000 'ecstatic Peru*
vians had to be-; held back by
riot police on Sunday when the
beauty queens went to‘-a civic'
.reception. in Linurts town hall.
Th p girls sipped Cdca Cola and
munched cucumbet sandwiches
reside the hall/. while water-
cannon wagons ; ; waited in’

. nearby back streets just in case,
tilings got out . of hand. ' ,
Not surprisingly, r the
chaperones have become a little
nervous and relat&hs. with 'the
local Press are. said' - to' be.
frayed. So much, so tKat qne,
of Peru’s leading newspapers
suggested it should Iook aftef
me girls and the ' chaperones'
despatched to Load dtr- to' -look
after the Queen.'* .

Observer

K

lr.

Many people simply aware of the nt aq y pWMh ;

to avoid ■wlien chpaspig a VBU ot printer. -This . .
fennfnfll

individual custafatisafioin. And vrith mail aider - - ■

back-upof a nationwide servicedepartiae^
many companies can offer mportantiK ■

you need toselectfrom. tiia widestpo^le range of_
lea d i ng - ~

Eqniptneni;

: . ' Only one company cmcffo sdi&fr

range aE terminate, su^fooinplete^eiyic^ Zygal

One word means so much

! 3

and service;

Name,

'Address.

^saiPjra&xmcsplo. " 1

Zyspl H otii Bv'M ft gd Ro»d . jSa»to t Qrpa QX60XB.
BceBte(0889^3^LTiS*ccB335CJ

By Andrew Fisher, Shipping Correspondent

' BRITISH SHIPOWNERS, who
> have watched the UK merchant
fleet shrink by over 40 per dent
during, the past six years, are

- hoping that the FaHtlands cam-
" • paign will prove'* tenting point
^ in the fortunes of the Industry.

» The involvement of 50 ,mer-
’ chant ships, andndAng tbeJiners
Canberra and QE2, in the task
j s force sent to recapture the
, v islands has focused public
-* . attention on the fleet, more
'■> effectively <8han several years
*■.. of argument by the industry.

Shipowners hope that the
V Government will now heed their
, > repeated nafls in recent years
£'■ for special investment afiow-
ances to stimulate' spending on
j. r new vessels.

b". Up to now, the Conservative
L- . administration, with Us
emphasis on the free (day of
market forces, has set its face
firmly against 'any form of
special assistance to shipowners.

But in the wake of ttie FaUc-
•i. lands crisis the Deportments of
Trade and Defence intend to
look at the situation again. It
seems, however, that this wili
, be done largely from a defence

- viewpoint and the industry is
not particularly confident of
getting financial assistance.

Nevertheless, there have been
’ some sympathetic noises from
! Westminster. “ The merchant

Britain’s shipping
statistics tell
a bleak story • ■■■:

navy supplied what vras-reqtsred
in the Falklands," said Mr Iain
Spr oat, the Stepping Minister.
u The FaKdands has sharpened
up everybody’s ttenSorjg— we’re
not talking hypotheses, wefre
touting history.'" : ' .

UK stepping statistics teil a
bleak story. The fleet is now
slightly smaller than in 1970,
while the world fleet has more -
than dwflded since then, to 6S3m
deadweight tons. UK- tonnage
is now just over. 29m dwt— -4.3-
per cent of the world total. In
1975. when UK tonnage peaked
at 50m dwt, i Chat represented 9
per cent of the vmxftL total

The General Conxxat of British
Shipping (GCBS) is worried tiiaf
too few new ^dps toe bring

•.v,

; >*.•• .-v.- •

'w, 'A* V

4 x '.' -y ‘l *- > - « •

I ^.“:v ''V,'- r '

• Vt .

I y- •.
j --v

. A- ;

-v - V»' •>>

< . - . tM t*

•>. ... '•
’■ V.

>*'*&?/*

/M? C.'*

■

* v* .

Thfj Canberra re tn rnS to Southampton from the Falklands conflict

■*W.

bought, to maintain, the fleet at
even its present level. UK shop*,
ping companies last year signed
contracts for only 25 ships
totaling 463,000 -dwt, against
40 of U.4m dwt. in 1980.

Why fee v decline? To some
extent- the UK imJustryis pert
of a world problem. The step-
ping industry generally is
having to rtipggte to moka
money at a time of economic
stagnation, low freight rates,
doggish oil markets, and a
surplus of cargo ships ordered
in better times. .

. “ Today,” observes Mr
Nicholas Barber, a director of
Ocean Transport: and Trading, ,
"you won’t find a cheerful step-
owner in any part of this country
or the world.” • • *

But the gloom in the industry
is relative: . the higher-cost-
northam European fleets have
had a harder time keying
afloat tfogn those of the Far
East Even the Greeks, rarely
tied to' single trades or cue- .
tamers, have been suffering.

“It is very difficult to see
opportmtities' where you can
reasonably expect to get con-
sistent and adequate returns
from . shipping,” . says Mr
Richard Adams, Chief executive
of ? Peninsular and Oriental
Steam Navigation., “ There have
been too many people prepared
to launch too many rings with-
out a promise of any definite
return.” "

. Global oteppfag problems

apart, there are other reasons
for tbe decline in the . British
tonnage. One factor has been
the Switch to container ship-
ping, hi which the UK is a
world leader, with about 10 per
cent of the international fleet.
One modern container , ship of
about 95,000 dwt, with 2,000
containers on board; can carry
as much cargo as six conven-
tional vessels of 14,000 dwt.

' Another factor has been tbe
world off glut. Tankers account
for a high proportion of. UK
tonnage — over 60 per cent cur-
rently — and the weeding out
of these vessels Cat a time when
the world surplus is estimated
at over 100m dwt) accounts Sor
a substantial proportion of the
fleet’s decline.

But tins weeding out of
Uneconomic vessels has a posi-
tive side. “What's wrong with
a .fleet of 25m tons if the earn-
ing capacity is better— or even
one of 20m?” asks Ocean’s Mr
Bazbec.

Much of . the Industry sees
UK labour costs as .a crucial
reason for the decline. Sailors*
pay in other northern European
countries and Japan, - where
inflation has been less virulent,
has gone up more slowly than
in Britain. The GCBS points
out that UK wages nose by 75
per cent in tbe -five years to ~
1981! against 25 per cent in.
Japan, 27 per cent in Holland,
arai 98 per cent to West .
Germany. (This excludes the

Letters to the Editor

Actors in the money markets manipulation

From Mr' Roger Bootle

Sir,— In discussing the recent
cut in bank babe rates, Wednes-
day's Lex column commented
that the authorities have been
" manipulating ", ; rates down-
wards and that “ a fall in base .
and deposit rates is not really
justified yet by the supply and
demand for funds to the bank-
ing system.” Doubtless, this
latter point has some validity
with reference to the relative
position of banks and building
societies, or even .to the level
of money market rates, but Lex
seemed to be going farther. His
article appeared to' suggest that .
the reductions in interest rates
in general have., been to some
sense artificial, with- the pos-
sible implication that they- will
be short-lived. It would be mi-
fortunate if this misleading im-
pression went unchecked.

Of course rates have fallen
due to the actions of the Bank
of England, but to refer to thin
as " manipulation” is to mis-
understand the crtictol.role that
the bank plays to the money
markets. Through its daily
operations in relieving short-
and absorbing surpluses.

who can alter the net supply of
fends for the system as a
whole, these official interven-
tion rates are the pivotal fates
for ' the whole interest rate
structure.' Moreover,- the mar-
kets know this. That is . why
money market rates tend to;
respond to signals about the
authorities’ intentions. In other
words, the bank, and therefore
ultimately the Government, has
a whip hand in the determina-
tion of short rates (although
they are naturally subject to
the constraint of fee effects, for
example, on the exchange rate,
which might follow from their
actions). When rates fall with-
out manipulation,” therefore,
they do so with the (at least)
tacit approval (albeit sometimes
with regrets) of the authorities.

The idea that there is some-
thing artificial about this last
fell because rates were
" manipulated ” is absurd. In
that case they were “manipu-
lated”- upwards when ihe
Chancellor announced an ’ in-
crease to MLR from 12 per cent
to 14 per cent to his first
Budget, “ manipulated.” “■ up
again when be raised MLR. to

cent, last September, • and
steadily "manipulated” down
; again ever since. It seems that
major changes to interest rates
through “ manipulation ” ' are
the only major . changes we
know.

‘ The abolition of MLR .last
August may give the impression
that the role of the authorities
to determining interest rates is
reduced, but this' is true only
superficially. Rates are now
supposedly determined by the-
money markets, but they can-
not do this without reference
to the official view on interest
rates,- as expressed in the Bank
of England intervention rates:

The idea that the strength of
loan demand indicates the artifi-
ciality of the recent cut In rates
is equally misleading. Of coarse,
the strength of loan defiang
may threaten the monetary
targets and thereby precipitate
a policy decision to increase
rates, but this would hardly be
justified at the moment . Over,
recent months fee growth of
bank . lending, although still
high, has abated, • and the
various measures of fee money
supply have been well, within

spending. Indeed, it is salutory
to consider where the economy
might be without buoyant bank
lending.

But the implication of Lex's
point seemed to he that loan
demand of itself could justify
higher rates, in the same way
that strength of demand for a
stock drives up its price. The
problem here is that the supply
of loans is linked to fee supply
of deposits, and fee supply of
deposits is linked to the demand
for loons. Without action by
the authorities deliberately to
withdraw or restrict the supply
of funds to fee system, there
will always be deposits in fee
system as a whole to meet total
loan demand because fee very
act of lending creates those
fends.

The recent cut in interest
rates was indeed policy-
inspired. but that to no. way
makes it artificial, nor need it
be short-lived, if in the light
of domestic recessionary condi-
tions (and world conditions)
the authorities see a policy of
lower interest rates as' a
strategic priority. ''

Roger Bootle,

an official view on interest “manipulated” down again , to" target range. Nor is it true that Gapel-Cure Myers,

rates and since it is fee only stages to 12 per cent, “mahgrii- fee growth of lending fereatfens Both Bouse,

actor in the 'money markets lated” up yet again to 16 per an unwelcome explosion of - Holbom Viaduct, E Cl.

Which is the
real world?

From Mr F. R. Permington-Leg^

Sir, — -When Mr Grenside, a
former President . of the Insti-
tute of Chartered Accountants,
urges (July 7) the members of
the ICAEW to vote in favour of
the SSAP 16 experiment he en-
lists the help of Bank of Eng-
land statistics and invokes the
haunting 'spectre of 44 real
profitability” as proof that His-
torical Cost Accounting Is a bad
thing. Tbese w®- fee strata-
gems of the economist -not -fee
accountant -

Surely those in practice can-
not be so arrogant as to believe
feat their colleagues (no t to
mention managers) to industry
and commerce neither take in-
flation into account when pre-
paring forecasts and budgets nor
appreciate what real return b
needed and achieved. Moreover,
fee argument feat HC financial
report i ng is a "self -delusion ”
is somewhat- monastic as is tbe.
belief that -fee (larger) enter-
prises which are to be obliged
to prepare GCA reports will by
fee simple expedient of so doing
rid themselves of tbe “unreality 44
of their precficament -.

Yes! — By "aH means en-
courage comparable and consis-
tent inflation adjusted reporting '
—at both statutory and manage--

meut accounting levels but- why
make such good commercial
practice mandatory (mid not
other management techniques'),
and why' require fee annual
audit of a statement more useful
to ti» statistician to an the
businessman?

P.- R. Penmagton-Legh.

51, Kings Road, Windsor.

Investment

appraisal

Prom the president, British
Transport Officers' Guild

Sir,— Your report to • the
Financial Times July 2. on the
Treasury Booklet on Invest-
ment Appraisal in fee Public
Sector links neatly with your
article “Poor financial analysis
blamed fra: weak US. invest-
ment” of May 24 which agreed
feat there was a tendency , to
pat too much faith to the mis-
leading objectivity of dis-
counted cash flow techniques.

There Is little doubt that
these techniques can and are
being used for many important
issues as managerial crutches.
The reliance on these coupled
with the continuing high rate
of inflation .does make- it ex-
tremely . difficult for any sub-
stantial investment project
which has a long lead .time to
(feta in approval . and most
schemes of this nature are

subject to considerable delay
during which time .fee impact '
of inflation makes fee figures
; involved even more overwhelm-
ing, and the decision more
difficul t. Nobody denies that,
there is a need to ensure that
money Is invested wisely, but
' slavish adherence to these tech-
niques is not the answer. The
future cannot be predicted wife
any certainty . so -there Is an
elemeat of faith in all invest-
ment decisions, perhaps, there-
fore, more attention should be
given to a “must have" factor
so that managers’ minds are
directed to the fundamental
-reason for investment
VL H. Williams. .

Room 807,

West Side Offices,

Kings Cross Station, NI.

Civil Service
pay awards

From the Secretary,

Council of Civil Service Unions
Sir, — One point needs bring-
ing out sharply from Philip
Bassett's excellent piece in the
Lombard column (“Civil Ser-
vice pay — fee facts" July 15).
The research studies done for
the Megaw Inquiry, - which he
cited, both pointed to a decline
in Civil Service earnings rela-
tive to those outside during
1981, although' this did not lead

them to amend their conclusion
' of broad comparability because
' of deficiencies- in tbe data. We
. now have fee results of fee
1982 arbitration award on CivQ
Service pay to add to this in-
formation, however — an
average increase of 5J9 per
cent When this is compared
with a DE Earnings Index in-
crease of 10 per cent in April
1982 over 1981, it is clear that
civil servants have again fallen
heavily behind fee market for
the second year running.

Any future pay negotiations
for the Civil Service will need
to take tins fact fully into
account ' As the Government
will sorely learn, " market
forces ” can work both ways.

P. D. Jones.

19, Rochester Row, SW1.

The Falklands
factor

From Mr M. K. Ashford

Sir, — Congratulations to
Nigel Andrews (Cinema, July
16 ) os being fee first to use fee
word “yonq>” on fee Arts page.
Are we to be told by Mr Crisp
feat Makarova flew Exooet-tike
across fee stage? Is nowhere
safe from the depredations of
Falklands Effect?

XL K. Ashford:

103, Chetwytmd Road, NWS.

Pensioners: the pressure
on the safety net

8 per cent pay settlement
reached in Britain last Novem-
ber.)

These relatively high pay
settlements have not been offset
by productivity improvements
through manning cuts to the
extent that some European
countries — particularly Norway
— have achieved.

“It is clear that unless' we
do improve the cost effective-
ness of manning, we are going
to fall further and farther
behind,” says Mr John Whit-
worth, a deputy director-general
of fee GCBS.

The industry estimates it
costs £1,000 more a day to run
3 mediuzn-Gized bulk carrier or
tanker under fee UK flag than
it does under a cheaper Far
Eastern flag.

The GCBS reckons that UK
companies have lagged behind
some . of their “European and
Japanese competitors in devel-
oping partly- antom a t ed ships
which would enable crews of 18
instead of 23 people to be used
on standard . cargo carriers.
Such savings could cut expenses
sharply since manning costs
generally represent about 50 per
cent of a vessel’s running
expenses.

The GCBS argues that a
Government fiscal stimulus to
the. industry would allow com-
panies to invest in these more
automated ships and thus cot
labour costs.

What irks the UK industry is

that countries such as France,
Japan and Germany have
offered considerable help to
their shipowners to buy new
vessels. France's socialist
government is promoting the
growth of its merchant fleet
through subsidies. Japan has
been running a cheap Interest
rate scheme, although this has
just been phased out Sweden
is planning to give shipowners
tax refunds. . .

The GCBS wants the Govern-
ment to allow owners to set an
extra 40 per cent of Investment
> costs ag ains t tax in one or more
years — on tap of the normal 100
per cent tax write-off for in-
vestment which companies can
generaBy claim. It would like
the allowance to last three
years, which it estimates would
cost the Government around
£2 00m.

While British Shipbuilders,
the nationalised group striving
to return to the black, would
stand to gain, tbe. council does
pot want allowances tied to a
requirement that orders be
placed in the UK.

The industry enjoyed the 40
per cent allowance until this
was superseded by fee far more
generous system of Investment
grants brought in by tbe Labour
Government in 1966. The grants
covered 20 per cent of any to-

Other countries
help owners to
buy new vessels

vestment and for a time the
level rose to 25 per cent.

Tbe grants propelled a strong
growth of fee UK fleet, helping
shipowners move rapidly into
high technology and container
vessels. In 1966 investment by
fee industry was £99m. Four
years later It bad soared to
£3 64m and topped £600m in
1973.-

Bot fee Heath Government
stopped fee grants in 1970 —
and did not bring back fee tax
allowances.

The industiy’s new round of
lobbying may come to nothing,
but the Falklands crisis has
made fee issue a live one.

THE REAL budget skirmishes
of fee 1980s are now dearly
not about ME missiles or fee
cost of tbe 44 Fortress Falk-
land s” but about pensions and
unemployment pay. And fee
battles look set to get bigger.

In nearly every major indus-
trialised country, the financing
of social security schemes is at
the heart of political and econo-
mic conflict-— which can also
spill over into the streets.

The burden comes not just
from the restive unemployed
but from the sometimes
resigned old. Demographic
trends, improved medical care
and early retirement schemes
herald a dramatic rise in
coming years in fee propor-
tion of pensioners in total
population. It is often over-
looked, for instance; feat in
Britain for every £1 feat the
Government spends on jobless
benefit, £3 goes on aid for the
elderly. According to ' official
calculations, the proportion
will Shift further to 1:3.5 in
two years’ time.

As the Bank for Inter-
national Settlements to Its
annual report observes from
fee cosy fastness of Basle,
governments should have taken
more heed of fee underlying
slowdown of economic growth
during tbe 1970s. It is true that
social programmes built up in
the daye of economic plenty
have been left stranded now
feat the tide of government
revenues has gone out

But what is needed is plainly
more thap. hindsight. After all,
social security is there to pro-
tect when the going gets rough.
The net can hardly be palled
away just as the trapeze wire
starts to break. The problem
Is that policy-makers are left
with a series of baffling

rffhtmmag.

• Public welfare spending
accounts for about one quarter
of gross domestic product, on
average, in OECD countries.
Government borrowing to
finance social programmes helps
drive op interest rates; which
contributes to putting more
people out of work and makes
fee overall balance between
contributors and recipients
even more unfavourable.

That is fee story in fee U.S.

By David Marsh

PROPORTION OF 0VER-65s IK TOTAL POPULATIOH

W. Germany

Japan

UK

VS.

1950 ;

9.4

4.9

10.7

8.1

1980

144

as

14.1

11 J

2000

144

m

118

12.7

2025

1 W

16.9

159

182

2050

17.9

17.6

16.9

1JL5

Sources. UN. World Bank

at the moment. Tbe retirement
fund could run out of money
next year but the Reagan
Administration's plans for even
bigger cuts in social spending
have come unstuck. This,
together with the defence build-
up' and the tax cuts, leaves the
budget deficit adrift at over
$100bn. and the world facing
yet another surge of higher
dollar interest rates.

O The other main means of
plugging social security deficits
— raising contributions from
employers and/or employees —
has the depressive effect of a
tax increase. It thus sets up

The net can hardly be
pulled away just as the
trapeze wire starts to
break. The problem is
that policy-makers are
left with a series of
baffling dilemmas.

another vicious economic circle,
as both Britain and France,
among dthers, have discovered
during the past year.

# Attempts to ease the jobs
market— such as fee early retire-
ment programmes announced in
France and toyed wife to Britain
and West Germany — also have
a counter-effective budgetary
impact by adding to pensions
financing strains.

# Cots in welfare spending
allied with near-hopeless jobs
prospects (for instance in run-
down inner-city areas in both
the U.S. and Britain) can easily
be a factor spurring crime —

another social and economic
cost.

• Social measures designed to
improve the quality of life — for
instance child-care facilities to
enable mothers to to work —
can end up incre.isin? pri^uro.,
on the employment market at a
time of low growth.

Underlying the whole pm':>-
3 cm. demographic prospects arc
disconcerting. According to r!u*
OECD, over-6f»s will m.iKo up
11.8 per c-em of the mhabiunw
of the 24-naiion area in 1990.
against 11.3 per cent in IPSO. At
the same time, the proportion of
under-ISs is expected to decline
— to 22.6 per cent from 23.3 per
cent— because of the exported
lower birth rate: so the overall
proportion of the population of
working age will rise slightly.

Looking further ahead — which
is where the real difficulties
may come— the World Bank
estimates that by AD 2025
roughly one in six in the bt?
industrial countries will be over
65.

The economic breakthrough to
produce both growth and .lobs
(not necessarily the same thine »
to support creaking social
security structures may come
from government-inspired tech-
nology drives a in Frar.cc , or
private enterprise-inspired in-
vestment along Thatcher/Reagan
lines.

If these efforts do not succeed,
the future looks bleak. The
demographic outlook is for the
worst of both worlds. The
overall rise in the proportion of
fee population of working age.
could exacerbate fee problem of
jobs shortage; and the expected
increase in the ratio of pen-
sioners is reassuring only if
you want to grow old in com-
pany, not if you wish to do so
in comfort

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.i

Eiaancial Times Tuesday July; 20 1982. -

UK COMPANY NEWS

Siebe
Gorman
up 15%
to£4m

Initial expands by 16.3% to £22.9m Vinten advances to £2.4m

'AN IMPROVEMENT of 15 per
cent in pre-tax profits from
£3.51m to £4.04m is shown by
Siebe Gorman Holdings for the
year ending April 3, 1982. The
final dividend has been increased
from 4.75p net per 25p share to
5.23p making a total of 7.74p
' compared with 7-2Sp.

Second-half profits rose from
£l,&5m to £2 22m.

The company says the results
■were achieved despite difficult
trading conditions worldwide.
The group’s UK and interna-
tional operations allowed solid
progress, despite these
difficulties*

Turnover for the company,
which manufactures protective
equipment, industrial workwear
and leisurewear, rose from
£43. 6m to £53 .24m.

Associate profits fell slightly
from £751.000 to £731,000 and
trading profits of . group com-
panies rose from. £2.7Gm to
£3.31m.

Attributable profits Incr ea sed
from £l.49m to £2. 17m after net
extraordinary' debits of £295,000
(£600.0001.

After tax aft £1.57 m f£l.42m)
'stated earnings per share rose
from 202p to SS-Sp,

' • comment

Slebe Gorman has been forced
to work quite herd in the last
couple of years just to compen-
sate for the slowdown which has
afflicted its industrial -workwear
businesses in the UK. In the
• year in March 1980 these com-
panies furnished almost two-
thirds of group trading profits;

; thi«; time — after a second year of
decline — the contribution was
roughly 35 per cent of a smaller
total* The position has been to
some extent retrieved by
1 efims rating losses in leisurewear,
helping >the textile division to
reach peak profitability, a nd b y
substantial degearing, saving
£$m of nettoterest The acquisi-
tion of Rieth during the second
Twtf came too late to affect the
result materially, hut Siebe
Gorman is pleased with its West
German acquisition, and As look-
ing for a significant contribution
in the current year. The re fa
apparently not much short-term
improvement to be expected
from the activity-sensitive indus-
trial supply side, 'but engineering
should do better this year, and
the company is also looking for
higher profits in safety footwear.
Dp 8p to 190p, the shares yield *
notch under 6 per cent, covered
three times by historic earnings
and giving little away*

The shareholders of Rentes
approved the agreement and plan
of merger with Sketchley on
July 16. Rentes is now a wholly
owned subsidiary of Sketchley*

WITH second half pre-tax profits
coming through ahead from
! £10.7Sra to £1 1.91m. Initial,
i formerly Initial Services, the
towels, coats, garments hire and
replacement concern, finished the
year to March 31 1982 at £22.92m,
compared with £19.7 1m, a rise of
16.3 per cent.

This was achieved w a 12
month turnover figure up by 14.3
per cent from £145. 33m to
&66.14m.

At halfway ' profits had
increased to £ll.Qlm (£8.93m) on
turnover of £79$3m, against
£71 .Sim.

The dividend is stepped up to
10.75p (9p) with a final payment

of 7.5p net

Results for the year exclude
any figures from Consolidated
Laundries, of the U.S.. or Union
da Lavenderias Industriales SA,
of Spain.

The 'American company,
formerly part of Scars Industries,
a subsidiary of Sears Holdings,
was acquired at the end of 1981
for 322m, and provides hnen
supply, industrial uniforms and
hospital services.

Last November, Initial agreed

to acquire 40 per cent of the
Spanish company for £440.000
cash. Hie company has ah option,
exercisable over the next three
years, to acquire a further 20
per cent of this textile rental
concern.

Finance costa for the 1981/82
year were much lower at £130,000,
compared with £857,000 and non-
trading income was higher at
£373.000. against £295.000.

Tax was slightly down on the
previous year at £7 .32m (£7 .47m)
and was split as to UK £6 .25m
(£6. 63m) and overseas £L07m
(£340.0001

After minorities of £41 4.000
’(£366.000) and a decreased extra-
ordinary debit amounting to
£218.000 (£731,000), the available
balance came through 34.4 per
cent ahead at £14. 97m, compared
with £lL14ra.

After appropriations totalling
£5 .74m, against £4.8m. there was
a retained profit of £9 .23m
(£8. 34m).

Goodwill amounting to £1.3lm
has been written off through
reserves and not treated as an
extraordinary item. Comparative
figures have been adjusted
accordingly.

Stated earnings per 25p share
are given at 28.6p (22.4p) which
are reduced ro 19.2p (I3.6p) on a
current cost basis. Pre-tax profits
are shown as £L7.8m (£l5m> on
the same basis.

The directors say that with the
recession still affecting the UK
businesses, emphasis for -the
current year wifi be on overseas
operations and new products.

They explain that overall. UK
profits produced only a small
improvement while the European
operations fared better.' Austra-
lian interests also produced
higher profits.

Although there was no contri-
bution from the U.S. acquisition,
the group carried some £355,000
of funding costs on the takeover
during the second half of the

year, it is pointed out,

• comment

Initial's results were in line with
expectations, though £0.35 m of
funding costs relating to two
months of the US. acquisition
have been incurred without any
profits contribution. However
acquisitions and volume growth
overseas hide the impact of the

recession on the UK business
where only a small advance was
achieved. The cost of reducing
administrative staff in the UK is
treated as an extraordinary item,
partly offset by a gain on the
sale of a business. Further
surgery may be necessary in the
current year if demand does not
show an upturn. Despite the
purchases in the US. and Spain
the '• balance sheet remains
strong. Gearing is up from a
nominal 4 per cent to approach-
ing 17 per cent, but the group
has ample cash .and borrowing
facilities available for more
acquisitions, probably with an
eye to expanding its ‘new foot-
hold in North America. The
group's venture into films, which
has been purely because of the
tax advantages, has chalked up
two successes but the third, , and

latest release "Partners,”

appears to have flopped. With
the home market for Its tradi-
tional business remaining
depressed the group must look
overseas and at new develop-
ments for growth this year.
Yesterday the shares rose Sp to
253p, yielding 6-3 per cent and
giving a fully taxed historic p/e
of over 12.

C H Industrials downturn to £41,000

INCLUDING A loss Of £201,000
from discontinued operations,
taxable profits of CH Industrials,
automotive trim, building pro-
ducts manufacturer, dropped to
£41,000 for the year ended
April 3 19S2. After an excep-
tional debit last time of £193,000
the pre-tax figure was £701,000.

Turnover was also down, at
£13.42 m, compared with a pre-
vious £14.7Sm and the dividend
is cut from 2.42p to 1.4p net per
lOp share with a final distribu-
tion of 0.4925p. The 'directors
expect, however, to pay not less
than 3.7p for the current year.

In line indications given at the
interim stage, the directors say
that results for the full year were
poor, although the building pro-
ducts division continued to grow
and showed record turnover and
profits.

External rentals In the
property sector totalled £266,000,
against £218.000, and profits from
property development sales con-
tributed £130,000.

The directors explain that the
severe reduction in turnover
from the cessation of sports car
soft top production resulted In
losses from the group's auto*
motive interests.

Rationalisation of these
activities around the newly-
acquired sunroof businesses has
been completed with manufactur-
ing operations located at the
Telford factory.

Despite adverse market con-
ditions, the synthetic foam
business maintained its market
share, but results remained very,
depressed because of severe
price competition, the directors
state.

At halfway, profits had fallen

from £135,000 to £16,000 and
directors said they believed that
although trading results during
the second six months would
remain depressed, actions taken
should ensure a return to sub-
stantial profits In 19S2-S3. They
added that the group's financial
position remained strong and
they continued to engage in
acquisition plans.

Reflecting the cbaxtgmg
emphasis of group interests,
with the building products side
accounting for over half group
turnover, the structure of CH is
being reorganised into three
companies which will be formed
to encompass building «4wwni<ial
products, pro pe r ty development
and investment, and general
industrial interests.

Operating profits from con-
tinuing operations amounted to
£242,000 tor the 12 months, but
these were offset by the loss
from discontinued operations,
which represented the costs —
now eliminate d pri or to the
transfer of the automotive manu-
facturing division from. Coventry
to Telford*

Net profits emerged at
£208,000, compared with £584,000,
after a tax credit of £167,000
(£117,000 charge) and there was
a mmoiraty credit of £4,000 (oil).

The a ttribu t a ble balance came
through at £123400, against
£315,000 alter an extra o rdinary
debit of £89,000 (£269,000),

winch represented closure costs
of the Coventry factory.

The directory point oat that
the attributable profit to CH
from the newlyrf ormed Aston
Martin Tickfard was £15,000

which was offset by a loss of the
same amount from Astosi Martin

Lagonda*

• comment

C. H. Industrials claims to have
reached a nadir in its fortunes
and is now intent on restoring
them. Loss-elimination will put
£250.000 into pre-tax profits
straight away while growth in
building products and rental in-
come are expected to boost that
total further. The company does
not intend to move into property

Receiver for Ward Bros.

Receivers have been appointed
to builders' merchants Ward
Brothers (Wolverhampton) after
losses of about £2m in 1981 aind
a continued deficit in the early,
months of 1982.

Ward's- affairs are now in the
hands of Mr Philip Baldwin and
Mr David Terry of the Midlands
practice of Price Waterhouse.
Mr Baldwin said trading was con-
tinuing and it is hoped to sell
the business as a going concern.

“ I have had tentative
approaches from people who
have expressed an interest but
I am not ready yet” he said
yesterday. “I expect to hold
talks with these people next
week.”

Ward is a private company
specialising in distributing bath-
room and building equipment and
kitchen and general plumbing

O ter business Is merging
yours, successful^.

Me^ex^-Lossmaldx^stii^^aiydi^osals
Minority platfngs • Management buy outs

H. Goldman shares suspended

Trading in H. Goldman shares
was temporarily suspended
yesterday pending clarification of
the company's position. The
share price stood at I9p.

Goldman has made a loss on
its hardware, (dock and watch

distribution business for both
1979 and 1980. No figures have
yet been produced for the year
ending October 31 1983.

Losses before tax for 197B80
were £140,702 on turnover pf
£2.74m.

Ewtotalty independent,
tiioroi^tyfoiowlEdgeableand
helpful advice* came to the
UK’s hugest and most
wide-ranging merger
service first.

Whichever of the above areas
you’re interested in, you’ll find
ch i t ex p e ri ence, our contacts,
and onr often innovative
approach cm help you
faster. Try us, first.

TCHESHAiO

36 Qiesham Place London SW1X8HE. 01-235 4551 Telex 917229

(02^233 2082 BHST01^Q272)2i3923 EDINBURGH (03 1)226 7237 MANCH£5TER{061)22S:

DIVIDENDS ANNOUNCED

Corre- Total Total

Current of spending far
payment payment div. year

Alexanders Disc. ..Jnt 6.5

C. H. Industrials 0.49

Control Securities 1.58

Crown House 3

Dewhursr & Partner int 0.15

Fairdale Textiles 1.2

Initial —

fun la Kell as 3.5

5lebe Gorman Hldgs. ... 5.23
William Sommerville ... 1

Stroud Riley U

Vinten Group 1.4

Sept. 3
Sept 9

Sept. 7
Oct 1
Sept 3

2.76* 2J*

5.25 5.25

10.75 9

1-25* 2.1

Dividends stiDwn in panes par shara nat ax cep: where otherwise stand.
*:ouiva!en: after allowing for scrip issue, t On capital increaMd by rights
e.-d-or acquisition issues, t USM Stack.

development long-term; It hopes
to sell the properties when the
time is right and take in the
rental income In the meantime.
Borrowings have increased to
support this activity, however,
and now at some. £3 Jam, they
have poshed capital gearing to
nearly 60 per cent Provided
C-H.’s other sectors begin to perk
up, this should not yet be a
headache. The shares, unchanged
at 19p, have a prospective yield
of 13 per cent which shows that
CH. has a long road ahead of it-
Market capitalisation is £2 -3m*

AGAINST - A very difficult
trading background, Vinten.
Group has increased pre-tax pn*
fits from £2.02m to £2 .42m tor
the year ended March 31 1982
with second-half figures.
ma rg ina lly ahead at £L56m,
against £ 1.54m last time. Turn-
over for the 12 months, rose by
£3 53m to JEULftn— exports repre-
sented 63 per cent, against, 70
per cent of turnover.

Mr Michael Brown, tire chair-
man, says the results are most
satisfactory and the board's
expectations attire i n terim stage
have been well matched by per-
formance. The grooft 'designs,

makes and markets teten*sftm

camera mounting equipment,
aerial recoimaiaettce systems, and
ground support equipment and
measuring and nKmitoring equip-
ment for health and- environ-
mental purposes.

On. capital increased by the
one-for-oue scrip issue, -the year’s
dividend is effectively being
lifted from 2-75p to 2_lp net per
share -with ' a final of 1.4p
(adjusted l-25p).

Trading profits for the period
advanced (from £L91m to £2 .25m,
before interest income of
£170,057 (£1113277). Tax took
£837.393 (£795,443) end earnings
per 20p share showed an Increase
from 7.4 p to 9 -Bp, Cost of divi-
dends went up from £289,857 to
£370,929.

The prospects for the current
year of the two main sub-
sidiaries, W. Vinten and Erotic
Materials, Inc, are encouraging,
the chairman states: Margins on
some of the military business of
both companies are -narrow and
development costs are high, but,
having good, o{der books, the
board erpectes to utilise produc-
tion capacity, fully.

Following its acquisition of
Exotic Materials, Inc, the group
has become, a significant force In
electro-optics and it has secured
a base in the U.S. from which it
Intends to expand.

- A sound financial base, estab-
lished by strong operational per-
formance in recent years, has
enabled the group to launch the
‘ more ■ aggressive investment
policy now being pursued, Mr
Brown states. Its strategy is to
concentrate on ar&s of high
technology where added value
can. be maximised from the sale
of ' total . ..systems Into growth
markets.' .

Group.- product development
expenditure continues at a high
level and many -new products are
.at an advanced stage of develop-.
menL . : * .

v ' The challenges faced are con-
siderable and problems remain—
uncertainty- in the Middle Bast
and adverse trading conditions
affecting Vinten Instruments —
but, with - pur' expertise, deter-
'mmation- and- excellent 'reputa-
tion worldwide, we can look to
the future with confidence, Mr
Brown says.

The group's television camera
mounting equipment has con-
. tinued to enjoy steady growth in
worldwide - , demand winch, : as
well as providing « valuable: con-
tribution .to profits, has enabled
the manufacturing, facility at
Bury St Edmunds tp be utilised
economically.

The U.S. continues to be the
group's largest market and, since
the year. -end, terms "have been
agreed for the acquisition of-its
competitor. ■ Television Products
Company, based in. Los- Angeles.

Export order intake continues,
at a high level and the signs for
the current year's television busi-
nesses are again good.. .

The high value of military
badness in .the group's order
book has enabled it to make sub-
stantially greater sales
. There has been a high level
of. international interest in the
group's military systems- As
veil as the £2.4m order from Fin-
land which was completed this
year, orders for- reconnaissance
systems have been received from
the. Middle East, Canada and
Africa.

• comment

Ytsten's shares bare, bad a roy
good nun in recent months, the
more so after some l.fKSm of
them were placed to finance the
?wq p:j*irtiiQn of Exotic Materials at
the begiximng of April; Yester-
day there was a slight reverse;
lOp dropped off the price after
'second-half figures showed only
a vwy marginal advance over
those for 1980-83. AH the same,
at 286p Vinten is onbtting on a
folly-taxed multiple of about 40,
and the yield is only just per-
.ceptibly over 1 per cent. For
ithat sort of rating to bold up,
exceptional growth is necessary.
The military order book is the
best— because smoothest — indica-
tor of Vfarten’s likely advance cm
■the investment horizon; an
exercise an lightweight reconnais-
sance shows a figure of film,
metre than twice the comparable
figure for the previous year.
Combined with some real jpowth
in Vint era’s other major business
—television equipment — that
suggests that the price has not
completely hist touch, with
ground co n trol. But ' a high
running level of development
expenditure and some margin
.erosion are c au sing the group to
take a mildly cautious view of
prospects.

materials to builders merchants,
local authorities, contractors and
retailers.

Ward was unable to reverse a
pattern of de clining sales — 19
per cent lower at £L4.7 oxl last
year— and 'high fixed costs,
despite a slimming-down exer-
cise -which reduced personnel
levels to 140.

It operated at the luxury end
of Hie market for kitchens and
bathrooms which has been parti-
cular y badly hit by the reces-
sion, said Mr Baldwin.

The receivers have established
that Ward bad bank liabilities of
£2.7m while its most important
asset is its “ siAstantiai " free-
hold premises.

In 1980. Ward nrarfn a pretax
loss of £lAn on turnover of
£I8.2m* It had net current
liabilities of £302,703 on Decem-
ber 31 1960.

Fairdale
recovers in
second half

Alexanders Discount interim rise

Second-half pre-tax- profits of
Fairdale Textiles, .wholesale
manufacturing clothier and- cloth
merchant, advanced - from
£136,814 to H54£8S, but the
figure for the full year ended
January, 30 1982 was behind at
£96,000, Compared with, a
previous £202,000.

Turnover for the 12 months
rose slightly from £7 .03m .to
£7 27m and although the interim
dividend was omitted, the final is.
maintained at 1.2p net per 5p
share— last year's total was 15p.

Pretax profit is made up of
profit from continuing operations
amounting to £203,000 (£236,000),
and a loss of £62,000 (£17,000)
from manufacturing operations,
which are to be discontinued. .. - 1
Interest charges were higher i
at £39,000, compared with
£17,000, and' there was an
exceptional debit of £6J)00 (nil). <
Tax took £16,000, against
£2,000, and there was an extra-
ordinary debit for the period of
£81,000 (£74,000)*- Earnings per
share are shown as 12p (32p).

LOOKERS/BRAID

Boiling Investment acquired
on July 16 25,000 Braid Shares
(approximately 0.4 per -cent) at
58p. Prior to tills Lookers held
2215m ordinary* As a result of
this acquisition, the Lookers
Group now holds 2 2fa* ordinary
(approximately 372 per cent of.
Braid's ordinary capital). •

By 3.00 pm on July 15 accept-
ances adjusted to exclude with-
drawals, had been received in
respect of 229,937 Braid shares
(3.5 per cent of the shares
offered for).

With the shares held by
Lookers, the group now owns,
or has received acceptances in
respect of 2.469,937 ordinary
(approximately 41.1 per cent of
capital).

Hie interim dividend Of
Alexanders Discount, discount
house concern, is Increased from
5*5p to 6.5p net per £1 shore,,
for the half year ended June 30
1982 and profits for the period
were higher, than the corre-
sponding six months in 1981. .

The directors say the interim
distribution was lifted in recog-
nition of this advance, - and to

FIH ACQUIRES

MORPLAN ;

Ferg uson Industrial Holdings
(FIH) has acquired KLorrish &
Company, a privately-owned con-
cern, trading as “ Morphm,” for
£L35m cash.

Morplan supplies :the garment
trade with accessaries including
labels, tickets and hangers
In the year ended December
1981 Morpkai. sales, were £U9nr
and the profit before tax
£300,000. Net asset book value is
£Llm.

M.j.ff. Nightingale & Co. Limited

27/28 Lonx Lane London :EC3R SEE. - Telephone 01-621 1212

1981-82
High Low
124 120
.134 100
78-. 82'
»r 33
228 187
110 -100
268 240
104 BO
IK 87
83 39

78 48

102 93

110 100
113 84

130 106
334 227

ST 51
222 154
44 25

103 '73'
263 212

Company!' .. '■ >. :
Art*. Brit. Jnd* QriT, M
Art. Briu-.lind* CUiS._
Afraprung Group
Aaxit£age.& Rhode* — u

Barden Hill ...

CCL 11 pc Cart*.
Clndfco Group
Deborah Services
Frank Horadll
f mdwtefc Parker
Georgtt Blair ' ......... '

Ind. Precision Castings

lais Conv. Prof*

Jackson Group

James Bu trough

Robert Jenkins

Seruttans "A" '...v....

Torday & Ceritsle ...

Unilock Holdings .....
Walter Alexander 1 —
W. S. Yeatea

Price- Change

Grose Yfakf

124 .-

—7

M

5.2

.112

130

134 '

— «■

,10.0

70

—

—

71

—

B.1

6.6

8.7

13.9

43, -

■ 4-J3

iao

3.6

6-r

223xd-

11.4

5.1

9.4

no

no i

‘

15.7

14,3

2 95

—

26.4

10.0

10.7

12.0

85

—

• 6.0

92

32

6.7

135 . —
72xd - 2 ..
S3 —

98 —

110 . —
105 : —

125 — .

234 -3

81 — '

156 — .

1 25 — .

85 —

2*8 + 2 -

7.9 . 5.9 . 5.7 8.1
6A ■ 8* 3.7 7.0

7.3 7.4
16.7 14.3

7.6 7.1

9.6 7.7

20.0 8.9

6.7 7.0

11.4 7.4
3.0 12.0

6.4 72

14.5 5.9

7.1 10.7

3.2 S.7
8.1 10.2

2.4 35.6
10.5 12.7
. 7.0 113

4.5 7.8

5.6 9.0
8,4 12.9

reduce disparity with the final
They add that the total payment
for the current year will depend
on current progress being main-
tained. lEroughout tile second six
months.

Last year the total dividend
was 18.5 p which was paid from
profits of £1.75 m, compared
with £l-25m, after rebate, tax,
and a transfer to contingency
reserves.

THOMSO N SCOTTISH

Thomson Scottish Forestry, a
subsidiary ■ of International
Thomson Organisation* and
Glenmoristira Estates have
formed a woodland partnership.

Thomson Scottish Forestry will
management and development of
assume responsibility for the
833 acres -of established, wood-
lands forming pact of the
Glenmariston Estate, and in
return will be eatitiled to an
interest in the proceeds from
future timber sales.

Itingia/.
i Lufich-
irs. 4 13
BO Qr.oc.
| Stm?n
l aarr-cv
to.

.30 Tin--
la. 1I.£

I Captaii

o. 1.3
her. 2 . 0 £

G Cjlsn
Ive Vkit»

i 11. '.i

.60 l.v
it. 2 C.

10 Meuii •

PI Tir.*-
Poles —

SJ Srr-r/-
jfi. 5 -5T
Bor 3 ;c-
JlClur*.-.'- :

f Er.:^.r..
05 7.-1.
i of V.C
Daiin.i-?.
i Touc.--
Waai'.e-
a. 10.3*.
[Book f
ll W/ft I-
iifamcnr
Im Sr.-

'OWO’&f

PrtcM now availabt* on'Prunl page 48148.

mm*.

s W

" tiff

mtariE Sl
d Marins
oaraphle.;
Madoll.

. J4W'

Company

Edmbuigh glassware m one hundred and fifty 'shops within
shops’ in the U JS.. This has significantly broadened our interest
in the tableware market.

Best and May, wholesale suppliers of industrial
electrical equipment, with a turnover of almost £20 million,
completed a major reorganisation and now operates from
13 depots in the Midlands and South.

W. J. Furse is the market leader in one of its fields,
steeplej acking, and has a significant interest in the lift
industry. A third W. J. Furse activity- the
mer chanting of specialist engineeringproducts -
exports 50% of its output, and is building an extension
to the stores and offices of its existing premises, mainly
to handle exports.

Crown House also has an
important interest in the senior
office staff recruitment business. Senior Secretaries owns a
number of busy London-based staff agencies supplying the needs
of employers, both here and abroad.

All in all , we're a Group with soundly based interests in a
spread of activities and markets.

You may hof see ^ but we’re jhere

71

»TmT5

ikk*i

■Werimj

VftTF

' • V.;vM. T

Co. Lii

jm

■INCLUDING a £200,000 profit on

- the sale of shares in Hieid Bros,
taxable surplus of worsted

■fries and knitted fabrics' maker
'Stroud Riley Dnmunond
-expanded by 84' per certt from
-££$09,000 to £X. 12m for (toe year
‘ended March 31 1982. Turaowr
rose to £10.481X1, agafiast ft: pre-
vious £7-83m, a rise iOf 34, per
cent-

v Profits at halfway were "up
, from £237,000 to £528.000 and. the
' t directors sand the prospects for

;tbe .rest of the year weie
r encouraging.

Mr S. V. Stroud, chairman,

■ «ays that the company not only
' stemmed substantial lasses at
-recent aeqinsrtiaa 3. Hayward
. and Sons, “but .tamed these to a
. significant profit,"

- He adds that the other TOC
'companies, now ^gro u p e d fano

two divisions, all contributed
satisfactorily during the year*
The overseas division, consist-

- fcfr of a subsidiary fci Port

- EBsabetti, Sooth. Africa, is pro-
gressing -well, Mr- Stroud states.

Our order book in all d W rioag
"is at a very satisfactory- Jetne8 and

■ substantially above €hat of a
year ago*

~ On capital increased by a an»-
•/fur-one scrip issue, eatrofogs per

- 25p 'share are shown at I0.94j>.
compared with 62p, and tire tftvi-

' dertd is effectively lifted to 2.25p
(i.5p adjured) with, a net final
'payment: of lSp.

". Ix^eTest. charge -was; tip from
-£117,000 to .£161,000 and tar was
more than doubled at, £336,000
(£162,000)! After, . an extra-
ordinary debit' of” £87,000
(£30.000) the available balance
came through at £605.000, against
£417.000, of which. dividends .wdE
absorb £168.000 (£115,000).

CCA pre-tax profit is £978,000
. (£466,000)*

7 © comment

: Strond Rijey Drnmmond h'aspro-
:duced rather heady- results ceit-

■ si during the sector in which It
L is operating. Exports provided
1 most of the turnover gam by
1 doubling to. some. £4.6m in the'

' year. Elsewhere, rationalisation

continues to be-the name of the
game with the Haywood purchase
stripped down and fully into*

, grated into SRD. Return -On

• capital employed _Is now an
L admirable 26 per cent against
: next to nothing just two years

agol . The question is. whether
, SRD can keep up.’-the -pace. Its
,;patexti of picking' lip new. assets
„ eftehnly 1 ' 'and' rstjofatisibg .them
-Is.fiofc but. the company appears
. not be overly conservative on
T depreciation Allowances. "This
T perks up" pre-tax profile but
~ brings up another question of
r what happens' " When old
machinery needs to" be replaced. ;

- The shares, up 3p to 5Sp ySeJd,

; less than fi. per cent and have “a -'
: historic rating o£ 7&

; NO PROBE;
l The proposed ocquMtion by
tiie Anglia Baikting Society of
j the London and South 'of

* England Building ■ Society mil
; not be refereed to the Monopoites
; and Mergers. Conunteston*

PRE-TAX-, profits of- Crown
House have risen by 2Z5 per
cent from £2L09m to -£25fim for
the year ended March 31 1982 on
turnover «tf £L6.46m, compared
.with £13fi.49m. The result -was
struck after a loss of £157,000 by
the Denbyware - group from tt*
date of purchase.

- . The directors, forecast -that-
overall,- 19SW» should see -a'
further - ’advance in profit,
dependent on -market conditio ns,
during the remainder of. - the

year.

The final dividend is kept at
3p net making ft aame-again: 5.25p
.per 26p share ; for the year.
Because of a high tax charge the
dividend is-, only marginally
covered, but the directors point
out that over, the last five years,
profits, available for distribution
have amounted to £l4J>m and

dividends paid to Sl&xl 4 .

In the year 198&&L i mp r o ved
figures ;. from, glassware :.and
engineering! cont ra cting in the
UK were offset by difficulties in
contracting operations in South
* Africa and jAustrxdia, and - also-
the cost of the final period of
reorganisation of the electrical

wholesaling division.

Turnover and pre-tax jprdfits

were split respectively between:
electrical and mechanical ser-
vices. £U0-2jn (£105 98m) and
£1.4m (£810,000); tableware

(comparatives . glassware only)
/135.43m (£25.65m) and £619D00,
after deduction of assessed
' interest on -purchase price of
Denhyware (£100,000); property
development and finance £0.75m
X£L7m) and £873,000 (£906,000):
employment services £2.0Sm
(£2. 62m) and £165JK)0 (£301,000);
and hotel management (eight
months to date of sale) nil
. <HL55m) and nil (£31,000 loss).

Satisfactory progress has been
made in assimilating Den byware
into .the organisation of the
' - tableware division and the distri-
bution companies In. the U.S.
have been merged, the directors
state. However, -current trading
conditions for all tableware pro-
ducts are very difficult and com-
petition is intense.

Market conditions are also
difficult in electrical wholesaling.
Order books In contract engi-
neering are generally satisfac-
tory and better figures are

looked for both at home and
abroad for 1982-83. . -

There has been no easing In
market condition s for Senior
Secretaries, hat following the
acquisition of International
Secretaries improved profits are
expected .

The current year will see the
sale of oue property develop-
ment and a better result should
be shown t fr»n that achieved in

1981-82.

The nozHleductsblltiy of over-
seas losses has meant a tax

charge of £139m for the year.
Previously, there was a credit
of £3.68m which reflected the
release of a £4-47m provision no
longer required for stock appre-
ciation relief..

After minority profits of
£98,000 '(£41,000 losses) and
extraordinary credits of £194,000
(£435,000), tiie net attributable
surplus was well down from
£6 .24m to £1.36m. Preference
and' ordinary .dividends again
absorb £l-21m.

Stated earnings per share were
5.1p, compared with 25.7p or
with 5.8p excluding the tax pro-

vision no longer : required.-
Group net assets jcl the .year
end * amounted to 1 £19_6ra
(£19.5m>, while net cash
balances decreased from £&3m to
.£3 -2m. During the year £4m was
expended on acquisitions
(mainly 70 per cent of Denby-
ware) and capital expenditure
came to £2.3m (£L5in). •

• comment ;

In" best conglomerate tradition
(even if 'It is on a small scale)
Crown House’s ' results are
struck after the. impact of wide
and -unconnected Influences. Per-
haps the only meaningful line is
the pre-tax level .where a £Jm
Improvement - ■ represents a
modest step towards the £4}m of
two years ago. More is promised
for this year though Crown is
unlikely to get close to its peak.
The latest figures should be
viewed in the context of a £0.9m
write-off against axt Egyptian con-
tract in the comparable period.
Bnt then 1982 has had its own
batch of particular contracting
problems; losses in South Africa

and Australia and substantial re-
organisation cn?ls at Best ?nd
May. South Africa can be
brought round but less obvious 'is
the future for Australia while
B and M could be close Ui break-
even this year. Eisevhere the
other feature of the 'division
breakdown must be the rapid, if
only partial, recovers 1 at glass-
ware. Yet the underlying mar-
ket for tableware is no stronger,
and perhaps even weaker liicn
last year, so it would be wrony
to expect another large step for- !
ward in 19S2-SC. Property
development by the nature of its
limited size puts in lumpy pro-
fits. Last year there were no
development completions and
this £373,000 profit is solely a
recovery of costs foUmvinc r: joint
venture deal on a Bromley site.
This year the letting of the
Three Bridges derailment
should push the property con-
tribution up acain. On the year’s
high of S3p the p/e (nn stared
earnings) is 15.7 while the barely
covered dividend yields 9.4 per
cent.

Equitable Life growth midway

GOOD NEW h n nfm »ff V results
are reported for the first half of
this year by the EqnflxWe Ltfe

Assurance Society, thawlrf ' to £
buoyant pensions sector. New
animal .'premiums advanced by
one-fifth from £2L2m to £25.6m,
while single premiums were 10
per emit higher at £9.6m againfct
£8.7m. -

The company Twafutufm ** jts
position as a leader in .the self-
employed pensions market with
a 22 per cent ' rise in annual
premiums of this type of pension
business from £12.9ni to £15JBm.'
But it also, recorded a 31 per
emit increase, in . annual
premiums on executive pension,
contracts from. £3.57m to £4. 69m

as a result of a sales drive in
this sector.

-"■The surprising feature in the
results was. the s tren gth of
Equitable's group pension
business, where new annual
premiums rose 16 per cent from
£2.79m to £334m. This is in
. contrast to the general experience
of those life companies heavily
involved in the group pensions
-market, which are reporting
lower pensions new business
.because of the effects of the
recession. The society^ newly
launched money purchase plan
-has been favourably received.

lids success in group pensions
business was *lsn reflected in

Pentos gets third payment
arising from C apian deal

Pentos. the industrial bedding
group, yesterday announced that
it had obtained a third payment
arising from irregularities con-
nected with its acquisition of the
Caplan Profile group in 1979.

The insurers of Malvern and
Co„ who were Capias’s auditors,
have agreed' to pay Pentos
£250.000, .representing the full
amount of Malvern's professional
indemnity insurance. ' ' immedi-
ately. Tins payment is ex gratia
and Malvern denies any liability
of any Kind to Pentos.

Proceedings ! against Singer
and ; Friedl ander, * , financial
advisers to the Caplan group. are
1 1*’*- - ’ •" " •

• contfaming -

■ After- baying Caplan for £7m
in shares Pentos discovered net
tangible assets, put at Just over
£3m, - had been overstated by
£950,000, while profits for the
year ended August 31, 1979, fore-
cast at £L4m emerged at only
£769^)00.

.- Claims made a gajns t Mr Ian
■ Caplan and his family and
against Neville Russell and Co,
'Peutos’s own auditors, resulted in
earlier agreements to pay Pentos
£700.000 and £400,000. respec-
tively although liability was also
■denied. ' ^ .

the single -premiums which
jumped nearly 60 per cent from
£L7m to £2.7m. Incremental
single premiums on executive
pension contracts advanced 30
per cent from £L3m to £L7m,
but single premiums on self-
employed pension contracts
declined nearly 15 per oent from
£L9m to £L64m.

The society's ordinary hfe
business, in contrast, was some-
what dull over the period.
Annual premiums on assurance
contracts fell marginally from
£L99m to £1.98m, while lump
sum payments for immediate
annuities dropped nearly 20 per
cent from £2. 39m to £1.95m.

KintaKellas
[ down to
£568,000

Kluta KeHas .Rubber Estates
has registered a flail in pretax
profit to £568,000 against
£678,000, for the year to March
31 1982 on turnover, down from
£1.52m to £1.45m. _

The (fivideod per lOp onfinozy
share is maintained at 5p net,
with a same agahi final of 3fip.
Earomgs per share are stated
lower at 7.14p (7.48p).

The . results included tin
tribute of £167,000 (£114,000),
■ investment income £175,000
- £211,000) and associate's Share
£11,000 <£12,000 ) ,

Control Securities tops
£lm mark for first time

FOR THE first .- time in its
history, profits 'of property
concern, -Control Securities, have
exceeded the £lm mark. Pre-tax
profits for the year ended March
31 1982 have climbed by 58 per
cent from £0.64m to £lDlm and
'the board feels sore that in the
current year, the company will
be able to maintain its profit
record in spite of the still diffi-
cult economic cUmate-

At halfway, • when reporting
taxable figures ahead from
£028m to £0.54m, the board said
it believed that profits for the
second six months would be in
line with those of the first half.

In line with forecast a final
dividend of l-575p Is recom-
mended, making a total for the
year of 2.75 625p net after adjust-
ing for the onefor-three scrip
issue, . compared with . an
adjusted 2Jtp.

Stated earnings pdr lOp share
were up from 3.47p to 4.7Sp
basic; and from 2R9p to 4.31p
fully diluted.

Turnover for the year was
little changed at £2 55m

(£2.5Sm). of which £0.39m
(same) was rental income and
£2.16m (£2.13m> oilier income.
Pre-tax profits were struck after
interest payable of £?-13J«
(£30S.319) and share of an
associate, Cefn Estates, whose
profits rose from £670 to £351,7C4
by properly acquisitions and
disposal made durim* the voar.

Tax took £209.240 ( =129.702 >
amd after extraordinary debits of
£2.Z31 (£693) and minorities, net
available profits were up from
£495,458 to £789.993. Dividends
absorb £461.298 (£307,576).

The board says that in previous
years, although paying higher
dividends, the company has been
able to enlarge substantially its
shareholders’ funds. As a result,
its assets have grown consider-
ably and it is now entering a new
phase in its expansion.

Following the payment of the
current dividend, the company
now complies with the Trustee
Investment Act .1961 Part 3,
which makes its equity eligible
for purchase by trusts.

Scan Data back in black

Dewhurst and Partner profit midway

A PRE-TAX • profit of £24340 la
reported by Dewfcnrst and Part-
ner for the half-year ended
March .28' 1982. compared With
losses, of £348300 for the same
period last year. A big improve-
ment is forecast for the year.

An 0.15p^ net interim dividend
per-lOp share will be paid. There
was no interim last year while
a final bf CLl5p was paid. For
the year 198031 losses were
.£337,000.-- -

The company manufactures
automatic electrical control

equipment Turnover improved,
slightly from £L52m to £L58m.
while earnings per share were
reported as 024p (455p loss).

Pre-tax profits were made up
of: Dewhnrst and Partner losses
£19.780 ' (£87,970 loss); ■ Dupar
Pelapone profits £2310 (£279,280
loss); and Dupar Canada profits
£41310 (£18360).

The company says Dupar Pela-
pone will generate a modest
pnffit for the full year and Dupar
Canada an increased profit over

last year despite more difficult
trading conditions in North
America.

It says Dewhurst and Partners
.is still experiencing disappoint-
ing levels of demand, althqugh
there has been some improve-
ment, which should, yield mar-
ginal profitability in the second

half.

The company adds that the
group will, therefore, show a
marked improvement for the full
year over last year’s figures. .

For the half year ended May 31
1982, Sam Date International,
computer supply and mainten-
ance concern, turned in profits of
£78,934 on a turnover of £1.94m.
For the comparative period the
company, on _ a turnover of
£1.5 3m, incurred losses of
£140,651 but^there were after
development ' expenditure, on
micro-computer - systems of
£198386.

The directors say the substan-
tial proportion of tins expendi-
ture was completed in 1981 and
that the effects were beginning
to be. reflected id the sales

growth of these products during
the six months.

Order books for both Texs;
Instruments and onyx based pro-
ducts are at record levels. The
board expects to continue the
significant growth in level nf
sales and to move further to-
wards .margins, which were
enjoyed up to 1980, during the
second half of the year.

By virtue of fax losses and
allowances available it is not
expected that there will be any
liability to corporation .tax on
the profit for the first half. '■

RDWIM

sTAWSE

STEEL AHQ TUBE STOCKHOLDERS AND PROCESSORS

The Chairman, McS Douglas Rae,
reporting on the year to 31st March 1982,
sa\s that despite only a marginal increase
in sales, profits continued to improve
throughout theyeac largely due to
unremitting efforts to reduce costs.

^ Profits double to £32 mlarv

Sfe Total dividend increased to 7.0p per
shane (!9SJ-6.4pJ.

■sfc OneforonecapitaSsation issue.

^ Finandal resources remain healthy

"There are grounds for
confidence in tiie outcome
of the current yearf'

Opes of the Annual Report-may be obtained
from The Secretary Brawn & Tavuse PLC
P.O. Box 159, Sl Leonards Stred: London E3 3JQ.

MARLING INDUSTRIES P.L.C.

Preliminary announcement of results for year to 31 Mardi 1982

rooo's

1982

1931

TURNOVER

22,168

19320

GROUP PROFIT BEFORE TAX

1,577

405

EARNINGS PER SHARE

""lSatip

LS3p

DIVIDEND PER SHARE

1.08p

ioip

LOAN FACILITY

Directors have negotiated an arrangement with FF1 (UK
Finance) pic (“ FFI ") which will provide the Company with
up to £3 million of long-term finance for the purpose of
repaying short-term borrowings of the Company and making
available substantial funds for further expansion and develop-
ment of tho Group. Under the arrangement, FFI would have
the option to .convert up to £1 million of the loan into ordinary
10p shares to a maximum of 2^29,102 shares, so that on full
exercise of the ’conversion rights, FFI would hold approxi-
mately 12.S7^o of the issued share capital of the Company.
Repavment of loans drawn under this facility will c omm e n ce
in 1996.

Details of this facility will be circulated to shareholders
together with the annual financial statements and formal
approval will be requested at the Annual General Meeting.

THE THING HALL
vm INDEX
127.4 (—9.7)

dose of business 19/7/82
Tel: 01-638 1591
BASE BATE 10/11/80 100

' Theannouncemetrt^eamasamaflefcf recocdonly

BRIDGE OIL LSEV21TED
BRIDGE OIL DEVELOPMENTS

• FIY.IMTED

GLOBE INVESTMENT TRUST

“Th

Evil

to

The 3oru Edward D. G. Domes,

Governor, Globe Investment Trust PJL.C.

Globe dividend performance

la the year fflidedSlstMarchTSSS 500-

Globelrkvestment Trust ctmtinuecUo
broaden its international investment
spread and to develop its activities in
the field of investment and money
management.

It is part of Globe's investment -
policy to make sizeable commitments 400-
in a small number (^particular
situations which cany promise 01

exceptional return, because in this

Globe Dividend

^shareholders with a greater than -
average total return. ■ ' 300-

For the tenth consecutive year the

dividend has been increased -by 5%
tp'7^0p per share - TbeDirectOTsare

teiifident of their abiliiy to maxnfcnn 250-
this rate of dividend fbrthe curr«it

year -and do not rule out an incrMse

&mtOTB6txateeahould finally and
reliably fiilL ... .

Tindall Group showed a ferfcher
increase in profitability and its _
IdoneyTFund, with its cheque-book
jfeality , has proved extremely

Tyndall Life has been ~

launched aryl aims to be amm or force ^
■ jp i-ho life naSnr HTiCB industry. " : ”T

The Outlook

Tn his Statement to shareholders the
Governor said:

- f 'Ey active management weshall
continue to move our funds to those
areas of the world where we feel the
best prospects for successful
investment to be. . . . I can promise
you our total commitment to effort .
and application, ensuring as best we
ran an acceptable performance for

the current year. ”

. Post the coupon for a copy of the
full text of the Governor’s Statement
with the Report and Financial
S tatemen ts. No stamp is needed.

To; Globe Investment Trust PJj.C.
FREEPOST, LondonWCKt 3BR.
Telephone; 01-836 7766
51 ease send me your I9S2 Report,

a

COOPER BASIN LIQUIDS PROJECT

A$1 00,000,000
MULTI-CURRENCY
PROJECT FINANCE FACILITIES

LEAD MANAGERS

THE HONGKONG AND SHANGHAI MARINE MIDLAND BANK, NJL
BANKING CORPORATION

FUNDS PROVIDED BV

77 78 .79

8 ! az

- • • " THE HONGKONG AND SHANGHAI BANKING
• CORPORATION — SINGAPORE A.C.U;

MARINE MIDLAND BANK, NA.

■■ THE COMMERCIAL BANK OF AUSniALIA.LIMlTffi -
AUSTRALIAN INDUSTRY DEVELOPMENT GORPORATION
CANADIAN IMPERIAL BANK OF COMMfflCE GROUP
COPmNBtfTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO
MIDLAND HNANCE (HJC) LIMITED
WARDLEY INTERNATIONAL BANK LIMITED

BT AUSTRALIA UdfTED

YWRDLEY AUSTRALIA LMTED

ARRANGED BY . -,

WARDLEY AUSTRALIA LIMITED

w

June 1982

Financial Times Tuesday 3W

and Markets

UK COMPANY NEWS

MINING MEWS

Barlow Rand golds earn
more in June quarter .

BY KENNETH MARSFON, MMING EDITOR

DESPITE A lower average gold
price in terms of UJ5- dollars
during the June quarter, the
South. African mines in the
Barlow Rand group have in-
creased net profits for the period,
hut special factors are involved.

For one' thing the weakness
of the rand against the dollar

has resulted in- Harmony and.
Blyvoor receiving a slig h tly
higher price in terms of rands
and has cushioned the fall in
the of the marginal Durban
Deep and East Rand Proprietary
Mines (ERPM).

More important, as far as
Harmony and Blyvoor are con-
cerned, h as been the sharp fall
in tax liability during the

latest quarter. In the previous

three months the tax hill was
enlarged by the retrospective
effects of the increase announced
in the South African budget

earlier this year.

Things are now back to normal
and, in addition, the mines have
benefited from allowances for
capital expenditure which has'
resulted in Harmony escaping
liability for mining tax and'
State's share of profit The mine
has also increased gold produc-
tion thanks ■ to a higher mill
grade.

Blyvoor’s production, in the
other hand, has dropped in-line
with , a fall in grade which
reflects the progressive decrease
in tonnage mined from the West
Driefontein area. The mine has

Zimb abwe mines seek government aid

NEARLY 2000 Zimbabwean
miners have been retrenched in
recent months owing to the
world recession winch has led to
the closure of 177 mines, reports
Tony Hawkins from Harare.

Announcing this in Harare,
lite Minister - of Mines, Mr
Maurice Nyagumbo said that 163
small gold mines employing
3,880 workers had been closed
along with 14 base metal pro-
perties employing 120 people.

" Market prices for oar
exports, particularly gold,
asbestos, copper, cobalt, tanta-
lite and tungsten have fallen
considerably over the past 12
months while costs have con-
tinued to spiral.” he said.

He revealed that three .of the
country’s major mining group—
Zimbabwe Alloys (Ferrochrome),
MTD Mangnla (copper) and
Empress Nickel Mining, had
requested Government assistance

OCEAN WILSONS
(HOLDINGS) PLC

SALIENT POINTS FROM THE CHAIRMAN'S REVIEW

Profits and Dividends

Profits, before taxation, for the year ended 31st December,
1981 are £3,522,000 compared with £3^12,000 for rite previous
eleven month period and after taxation are £1,710,000
compared with £1,231,000. The Directors have recommended
the payment of a final dividend of 220p per share which,
together with the interim dividend of 0.75p, already paid,
makes a total for the year of 2.95p per Jpe for the year
compared wflh 2.60p far the previous peiWd (an increase of
13£ pcsr cent).

Investments and Net Assets -

The listed I nvestmen t portfolio was valued on 31st
December, 1981 dt £4,632,000, a surplus over cost of £2310.000.
A later valuation made 30th June^ 1982 showed figures pf
£4325,000 and £2333,000.

Attributable net assets for each 20p share at book values
and including the surplus on listed investments, was 64.66p
per share of wfchfii 26.G2p Is situated in She United Kingdom
ami 3S.64p in Brazil The current cost acco un ts disclose Net
Assets of 116J29p per share of which 9037p is m Brazil.

The operations of the Brazilian subsidiaries have again
shown a reasonable increase despite the recession being
experienced in Brazil. Profits before taxation have risen by
85.75 per cent in Cruzeiro terms, almost keeping pace with
internal inflation of 95.2 per cent but exceeding the fall in the
Steriing/Cruzeiro exchange rate of 563 per cent. The recession
has. however, had a drastic effect on the results of the
associated companies wbfch show a trading loss of £295,000
for the year compared with a profit for the previous period of
£105,000. Certain loss-making activities have now been
discontinued and steps taken to minimise costs at an other
centres of operation.

Future Prospects

1981 to 1983 is a very rtraHengfag period for Brazil, both
economically and politically. However, the development of the
country’s immense resources now under way should permit hi
two to three years’ time the resumption of growth In the
Brazilian economy, experienced before the crisis induced by
the increase in oil prices. So far as our Group is concerned,
our operations should benefit from the services which we are
able to supply to assist the high volume of export and other
trading activities.

COMPARATIVE STATEMENT

Year 11 months
3L 12.1981 3L12.1980

£000 £000

Profits and Dividends

Group Turnover £46.798 £38485

Profit before Taxation

Taxation United Kingdom
Overseas

Group Profit after Taxation
Dividends

Amount Retained

Earnings per Share
Dividends per Share

Group Net Assets

Situated in United Kingdom at book

value :

Surplus of market value over book
value of listed investments

Situated in Brazil at book value

3,522

178

1^34

3,312

329

1,652

1,710

781

1^31

688

, 929

643

«.46p

2.95p

5.02p

2.60p

4,078

3^71

2.810

3,127

6 R88

10227

6,998

9226

H7015

£16.324

The Annual General Meeting will be held « Hall 19,
Winchester House, 100 Old Broad Street, London E.C4 on
Wednesday, 11th August, 1982 at 12 noon.

THE LONDON AND PROVINCIAL
TRUST PLC

Investment Manager — Robert Fleming Investment Management Limited
Secretary— Robert Fleming Services Limited
Three-year summary of results .

Year

Total

Ordinary Shares

Gross Assets
(less current

Net Asset

ended

Income

Earned

Paid

' liabilities)

Value per

31st Mar di

FOOD

per share

per share

rooo

Ordinary share

1980

2,730

&21p

45,767

14L6P

1981

2 ,500

5.33p

5J»p ...

63J19

199.9p

1982

3.049

5.67p

5.65P

63.593 ■

198.9P

Equity and Law acquires
Belgian company for £4m

also suffered. a sizeable rise in
cost per tonne of ore milled.

Stale aid has come to the
rescue ctf Durban Deep and
ERPM. The former company
was stfll in profit before the aid
but the latter made another loss,
albeit reduced from that of the
March quarter because of a
better mill grade which led to
Increased gold production.

The latest quarterly profits are
compared in the following table.

June March Dae
RQOOa R0009 ROOQa
qtr qtr Qtr
BlyvoonihtzJcht * 14.233 13.824 17.453
Durban Deep ... *3,834 2.506 8.446
East Rand Pty ... *3.447 **223 *8.807

Harmony Z7.32D 21.723 24.902

■After receipt of San assistance,
t Resotad.

Equity ami Law life Assurance.
Society is expanding its -'Euro-
pean operations by acquiring the.
Belgian insurance company
L*UnSqn European!* in al cash
transaction worth around £4an.
This wQl be rite society's hist
venture Into Belgium.

LTJafon Europeezuw. operates
a life • assurance company, a.
general insurance company and
a small savings bank. Its total
premium income in HHJ1 was in
excess of BFr 300m (£33m) and
its. total assets at the end of
1981 amounted to around
BFr L9bn (£22m). Its head-

quarters is situated In Brussels,

Equity and Law commenced
its European operations in the
Netherlands in 1970 when it
opened a branch office in rite
Hague. It now has around 2£
per cent of the individual life
market in that country and is
steadily increasing its penetra-
tion into the group pensions
market - Ibis was followed by
the ■- society's entry into the
Gennan market in 1974 when it
opened a branch in Wiesbaden.

1&e company has a policy of
expanding its European opera-
tions as and when opportunities
arise, but still regards the
UK as its main area of growth.

But last year around^nefifth of
its new business arose from its
European operations.

The acquisition of L’Union
Europeenne will involve' Equity
and Law in thB .difect /Underwrit-
ing of general Insurance business
for the first time. In the 7 UK’The
company has.-.’ confined ' itself
solely to long-term insurance
business. Bar - with its ’German
operations it has liad to provide
a complete package of financial
services,' including general
' insurance f aralities^Tbig jsracti ee
is common In Belgium end the

company is coming under in-
creasing pressure to provide a
similar service . in Holland.

to avoid redundancies and
closures.

First quarter figures for 1982
Show that the volume of mining
production, which fell to a 10-
year low In 1981, declined a
further 6.5 per cent In value
terms, output was down 3.5 per
cent following a 6 per ‘ cent
decline in 1981.

There has been speculation In
Zimbabwe that the Government
might devalue the Zimbabwe
dollar to assist all export sectors
and not Just the mining industry.

However, there is a growing
feeling that some form of sub-
sidy procedure allied with loan
guarantees might be preferred.

An indication of future policy
is anticipated in the July 29
budget when the Minister of
finance is thought likely to com-
ment on both exchange rale
policy and future policy towards
the hard-pressed export sector in
general and the mining industry
in particular.

Interest rates
hit A. McAlpine

THE South African coal mining
company Alfred McAlpine, which
is 70 per cent-owned by the UK
March wiel group, was hit by
higher interest charges in the
six months to April 30, reports
our Johannesburg correspondent
The interim dividend, however,
is maintained at 8 cents (4p).

Turnover in the first half
jumped to R13m (£633m) from
R&fim in the same period of the
previous year but the increased
interest charges resulted in pre-
tax profits falling to RL37m
from R131m. Other adverse
factors included major plant
1 reconditioning and the cost of
setting np new open-cast
operations.

Good progress has been made
with the export expansion pro-
gramme at the Optimum Colliery
and McAlpine has been granted
an annual coal export allocation
of 500.000 tonnes as part of
phase 4a • of the Richards Bay
development project Sales under
this allocation are unlikely to
•start until 1990 at the earliest j

Australia
£100m bulldog
bond issue

AUSTRALIA HAS become the
latest borrower in the bulldog
bond market-— the domestic UK
sector for foreign entities.- The
Commonwealth of Australia
yesterday launched a £100m
public 28-year partly paid issue
through S. G. Warburg and five
other managers.

The yield will be fixed at 3.00
pm on Wednesday and will pro-
vide a margin of 1 per cent above
the gross redemption yield on
the 13} per cent Treasury Stock
2004-08. Investors will paid £20
per cent on £100 of stock and the
balance on October 28.

If the Australian paper had
been priped yesterday it would
have provided a yield of 13.77
per cent Brokers to the issue
are Rowe and Pitman. Phillips
and Drew and R. Nivison and Co.

The last bulldog bond was a
£I 0 Om issue for New Zealand,
also led. by Warburg. This issue
was £25 per cent partly paid and
was priced to provide a spread
of 75 basis points over the mean
of the gross redemption yields
of the 13* per cent Exchequer
Stock -1687 and the 12 per cent
Treasury Stock 1987.

S & W Berisford sugar bid
may face new Monopolies probe

BY A. H. HHfMANN, LEGAL GORRBPONDBtff

In his statement the Chairman LORD WYFOLD said that the Directors and their
advisers are studying the reorganisation of the Company into one or more unit trusts
and that they hope to send Shareholders specific proposals in the near future. Should
the Company continue as a general investment trust Shareholders can expect dividends
totalling not less than 5.65p per Ordinary Share

Copies of the Accounts are available from the Registrars,

■Bourne Bouse, 34 Be deenham Road, Beckenham, Kent BR3 4TO:

A NEW reference 4» the Mono-
polies and Mergers Coaasision
of takeover attempts by S. and W.
Berisford, the UK commodity
group, for British Sugar Cor-
poration, could take place follow-
ing the recent £2S2m bid by
Berisford for the sugar group.

“It is either absorption or in-
dependence,” said ■ Mr John
Beckett, British. Sugar’s chief
e xec u tive, after, his group made
dramatic new moves in London

and T at wm h nnr g-

British Sugar yesterday lodged
a. new submission with the Office
of Fate Trading (OFT) asking for
« new reference of the takeover
bid to the Monopolies and
Mergers Commission. The group
has been told tint the OFT is
aware' of (be urgency of the
matter.

The E u ropean Commission is
already studying the takeover
bid.

Mr Beckett said that the main
new argument against the mer-
ger is that the combined enter-
prise would have a debt/eqtdty
ratio of two to one. This would.

Investors
Capital Trust
ahead at £lm

After all charges and tax, net
revenue of Investors Capital
Trust rose from £845,000 to
£1.05m in the first six months to
May ’31 1982. Earning s per 25p
share improved f rom L31p to
L64p.

. As already announced the net
interim dividend per share has
been maintained at L5p. A final
of 1.65p was paid last year.

The. directors say revenue
was above earlier expectations
with income from the XJJ5. bene-
fiting from the strength of the
dollar. But, they add, there may
be little further benefit in the
short term from currency move-
ments and the income growth
will not be repeated in the
second half.

However, they anticipate the
total dividend of 3 J5p will be
maintained.

Net asset value fell by 2.7 per
cent from the -November level
of £110.42za to £108. 6m and the
net asset value per share dropped
from 150.5p to 146.4p.

Franked investment income
stood at £1.04m (£999,000) while
unfranked investment income
stood at £1.35m (£L08m). .

Management . expenses took
£204.000 (£164.000), interest on
debenture and loan debt £483,000
(438,000) while tax increased
from £636,000 to £680,000. ..

Cater Allen
in financial
futures market

Cater Allen Futures has been .
formed exclusively to trade on
the London International Finan- 1
dal Futures Exchange, of which i
It is a full clearing member. I
IT aims to provide clients with 1
an immediate dealing service in i
the fast moving markets and 1
provide the advice necessary for |
dealings evolved, from a technical
analysis of the' market factors
involved. As it is situated prac-
tically next door to the exchange,
this will further increase the
efficiency of the service it offers.

SGH/TANKS

Acceptances to the offer by

Sociefe Generate Holdings SA
(SGH)forall the tensed 9 per
-een£ cumulative redeemable pre-
ference shares of Tanks'* have
been received in respect of over
90 per cent of the pre fe re n ce

BOARD MEETINGS

■ The following companies Jisvft notified
dates of board meetings to 'die Stock
Excfianga. Such meetings are uaually
held for the purpose of considering
dividends.- Official indications tn not
available as to whether the dividends
are imerime or finals and the sub-
divisions shown below are - based
mainly on last year's timetable.'

; TODAY

Interims:' Lads Investment Trvsx,
Maldrum investment Trust-
RnalE — Aflied Colloids, Hack
Arrow, Fuller Smith end Turner. Rosa
Robinson, Moorgets Investment Trust
R.F.D., Radiant Metal Finishing,- Roth-,
mans Tnwnutional. Sheffield Refresh-
ment Houses.

,_ .. FUTURE DATES
Interims?" .

Qsrfca (T-)

Aug 32

July 26

LfX SdrwfCa"

.July 30

Aug 16 -

Rented

Aitksn Hums

.... July 21

tJoly 26

July 28

-Celestlan IndanrtM

Dom

July 22

Norton ond Wright

’ July 29

t Amvndod. - 1

in bis 'view, work against the
public interest as any respon-
sible board would have to try
to reduce the indebtedness
radically in the shortest time
possible.

This could hardly be done, to
his v iew, without causing a
restriction in the Berisford
branch trading and without
endangering the availability of -
funds for capital equipment and
for payments to farmers in the
British' Sugar branch of' the
combined enterprise.

He argues that the conclu-
sions of the first report by the
Commission no longer hold
because since that report the
profitability and market share
of British Sugar increased sub-
stantially.

This would also require a ‘
more substantial representation .
of British Sugar on the main ‘
board of the combined enter-
prise than was envisaged by the
Commission.

British Sugar’s lawyers were
yesterday lodging with the
registry of the European Court

in Luxembourg an appeal against j
the Commission’s decision last j
Friday that there was no need
for a temporary measure of pro-
tection. which would have frozen '
a purchase of a crucial 103 per
cent bolding in British Sugar
which is owned by Rank Hovis
McDongalL

Berisford is 'Graying that stake
. to add to its Own holding of
40.02 per cent in the sugar group.

The European Court will dis-
perse in a few days bat a pre-
liminary .order- of protection
could be made by its president
wbo is usually . available .for
urgent decisions during the
court's long summer holiday.

The Commission is likely to
oppose the application in the
first instance on procedural
grounds, claiming that it is
' inadmissible is there' is . no
formal decision yet

On the other hand the Com-
mission may be> tempted to
exploit this; opportunity for gain-
ing from rite court a ruling which
would have the indirect effect -of
increasing its power tomake pre-
liminary. orders of protection.

William
Summerville
pays more

William SommerviHe and Son
reports pre-tax profits of £24,522
for the year ending Hay 31 1982,
compared with losses of £54^29
last year. The final dividend is
lp, against 035p, making a total
net payment of 135p, compared
with Up.

Turnover for this paper manu-
facturer improved by £772,000
to £4.^m. Attributable profits,’
including e x traordinary items,
fell from £178.710 to £39,948.

Earnings per 25p share woe
given as 535p (732p loss).

ROWAN & BODEN
Agreement has been readied
for Rowan & Bodes, engineer,
covering contractor, to dispose of
its subsidiary, Roanoid Plastics,
for 9300 or 49 per cent of the_
ordinary shares in Braidwood
Developments, the acquiring
company. The existing share-
holders pf Braidwood are Inter-
cobra, and the Scottish Develop-
ment Agency, who will . keep
between , them the balance of
Braidwood shares.

The company has an option to
buy the rest of the Braidwood
shares, failing which there is a
reciprocal option in. favour of

Intercobra for the- Braidwood.
shares held by Rowan & B0den
and riie SDA. -

Braidwood made losses Of
£104,404 for the year to March
31 1982, Roanoid Plastics made
losses of £298^08 for 108L The
directors report little change in
the pattern of losses for the
period to June 30. They point
out that it would be unrealistic
to attribute any., real valor to
either , assets .being acquired or
disposed of in the transaction.

J. SAINSBURY

Sir John Sainsbury has
reduced his beneficial holdings
in J. Sains bury by 250,000 shares
and his non-ben eficial holding
by 10,000 sharps.

Hr Timothy Sainsboiy has
reduced his beneficial - holding
by 200,000 shares and Ids non-
ben efitial holding by 160,000
shares.

Mr David Sainsbury has
reduced his- be neficial holding
by 302,000 shares.

The sales have resulted in
notifiable changes to certain
substantial interests which now
stand at: Hr Simon Sainsbury
13 pa* cent; Vanheimer Trustee
10 per cent; Mr W. M. Py bus 9
per.-cent- •. -

ASSOCIATES DEAL'

On July 13 . Hoare 1 Govett
bought 50,000. shares in Johnson
Group ' Gleaners at 290p each on
behalf of Sunlight Service
Group.

COMPANY NOTICE

DfVDEMDNQrnCE
TO TfrE HOLDERS OF -
EUROPEAN DEPOSITARY RBCBftSFOR
COMMON STOCK OF ~

TOSHKA CORPORATION.
(FORMERLY TOKYO SHffiAURAELECTWCCO)'

. DESIGNATED COUPON No. 467
(Action Required on or Priorto 3tst October 1982)**

DEPOSITARY'S AGENTS

■n* Bat*arwtjo,ua,
TT*0w*olT(*jT).Ll(t.
ThaBaoka(Toftyo,lkL,
TteftrtcalTokyo.U^

Karen, Wtttg&PirtA,

Banes Nazton* M Lawn,
BaaaNazioaatoMLWK,
NadataeacSXUBmbDwgagba

WttHQlHK

... ......

rtrfr A l MBmbougqQlfe _ .>

steflN td re re a a afiaretflta^re.

CDepnM»4B<Mwfaad

tjonansfciifioo cb

v>Dw«t*yStwB .- $ us - • rrr; > - ■. *

52E3SIS » .^',v

DMa£&AqrOB2 C ftre teste* ■O rei te •

meant - ""“J -:'-4

MmWaBpnl '.'i. ,.v

Mmfpvreia
£s*i5ft.»panm9
O IW fcBfcO
SPSS '
SpfiB-
9UD
S0S39

i_"_"

LONDON TRADED OPTK

jute IB Total Oofttnwte MG* C»B»

I .i my | .<**■

price j oner . OTTQ M .

BP <d . i

bp id 2*

BP to 5?

BP (PJ

cute)

cu (O 1*

euw ■ if
Com, CM <o] SB
Cons. Old (el .
Cons. Gtd (p)i 3f
Cons. GW (PK sf
Ctids. W . ‘ a

GEC (Cl ff

«EC (e) -- ®6

tSEC (O) , 100

OEC W J10
GEC (p) . 1C§

Or’d Met (« . 1*

G^d *0

fir'd Mat. fed £1
fir'd Met. (oj 22
fir'd- Mattel 1 gf
fir'd Met. tel BO
fir'd Mat te) *?
fir'd Met., (31 BA
wici . B0

«a (cl .w

Kaicv :• /.g

KU (e) ■ S

ici-wj ■ - fs

JOttrt... .50
im (pi * 3a

ICI (pi -. 36

Land Sec. (ci W
Land Sac. (el 28
Land Sec. (oy--- .30
Mka ft Sp- tcl 14
Mka ft Sp- (c}| 10

Shall (cl — . • 49

Shall irt- ^ 3«

Bareiar* toX M

Bardeya <C) . H
Barctaya to) M
imperial tel 0
rmpertei <o) *

Imperial (el 5
Imperial (c) .‘W

Lttsmo (cl ' .-‘W

Laamo ua
Lonrho (o)

Lonrho (o) 8

Lonrho (cj S

Lonrho (c) s

Lonrho (p) - 1

PAO X<

RacaJCte 4S
Racat (e) 48

RaoalCp) SA

Reeal (p) 4fl
RTZ id 33

RTZ (C) • M

RTZ (O .si

RTZ (c) «

RTZ (c) . . «

RTZ(p) .. 3B
KfZ (p) 4«

RTZ (p> ' 46

Vaai Rfa.' (d 4
VMJRffe. te) •• 4
Vaal Rfa. (o) 0

Veal Rfa. (p) -4

- C— Call

in' „i

1 5 &

aJ 1 * re

8, 451

4 —

17 1-

2 90

398 S
88 .1
50 . «

4' —

44 - -S

£■ ii

'S :i.

- »V r

6 F • 8
58 J". Y
83 rS
8 :• -

. i . 9

- 28 II

58 -

.14 • 2

>■ i

3 —

. ' 1 . ' ■ ' -

Ausuat
33 | 9

10 4

: 12 .
40 10

20 2
■9*1 88

2 M

16 6
-.5 - 5

4*i| 10

2 I 11
2**j -

40- - 5 V4S .

.88 . 101 j ,

II - es -^ .&o

j : ,^o I " —

10 18 IT

-88 10 -'*«•

54 o

26 - «

15 W

85 I ' — I 30
49 , 18'.

J6 i 17« ! .94.

. .7. j. ' ■ i.i; i*

November . FM

i Sf | ^ j « ■

\ is .i. — { ■

IS 4

..61, 67

54 8

80 * ^

IT - ' — »

ii re

6. --7

4 - 8

9 .- — t- rt

laid.. - a*

80 .21'

44 ' 29-.

' 5 —

15 1. -

8ft ' - ■ 2 ■ '

82 ' -r-

87 -

as : . 22
1 . . 5

2B —

40 — '

n .1

9*S »

.0 —

51| — -

6 X- 8

EUROPEAN OPTIONS

GOLD O'

GOLD C .-
GOLD C
GOLD C r ...

OC»J> P. -
GOLD P
GOLD P .

GOLD P .. . ,
12^NL81 87-91

; O

C. Fulfil.
JOS* NL 80 .8840 .:

s „kssi

114 NL 82 88-92
' . C - F402.Bg
• JO - FJ.OVM
10 N 1 82 86-89 (.

C FldOl

ABN G - FjBW
AKZO C F.22.50*.
AKZOC- F45J
AKZO C F47.6d
AKZO C F.32.6g
AKZO P -F-HBl
AKZO P. FJW.50f
AMROC . E.46I

AMRO C ' T RSOf
AMRO P -. FA«
AMRO P F^q
KODA O . «80l

REIN O
HEIN C. ,.
HEIN. P _ ' .
HEIN P -
HOOO C-
HOOG C ’ F
HOOO Ct
HOOG P
IBM C= . •
KLM C
KLM- O - -
KLM C-
KLMC
KLM P . .
KLM p ■ • . -
-NBDL G- . -j
NEDL C
NEDL C ■

NATN C
NATH P
PHILG- •. F
PHIL O *
PHIL P . F.
PHIL P • •
POLA C
ROC
RD C
RD C .

RD P. ;;
HD P --
(MIL. C- .
UNIL C - .
UNIL p
uyiL P

Aug.

LMt-.

1

-VoL

■; . 33 .

18

. 17

15.

•

j .83: :

. 88

; '-'3'''

»

18

5

27

- 7-'

-28 f W

20 ~

100 t SLBD I 800 | 3i0 l 8 ] 340 lP,11240r
=1.^1.:,

i - i -:’i- | aoa ; 270 if.iolbo

.: s 1 <Uo r.aoo .l uq j . - Y -

r J - l - l « lo» r- 1 T‘

100 1 030 |v
• . Oct- -
.15 7J50

ft SJO '
210 U20

21 0.60
2C: 020 •
TO- U». -

10 ft.ro

26 840

•• 3 - ' 1A i

8 ; IJEKk

. S I MO
3 5L60

10 0.70

f -3 2.60

S LM
0.60

- V : - I
.Jen-'.

14 f 1.80 J ' ' -

10 f tap ( -

re AOT

- ■- .50 OJSO --

20 0.40: — . —

.7 - 4 . . ; -.— - -

'TO 8.60 — = — —

.48 . .a«o. . *19, -4 jeo —

43. . 0.80
30 2

7 840

35 6.601

F.120
F.116
F2240
. *%26
FJa.60
F46

TOTAL VOLUME IN

:'•••• A=Asked *■

40 : 1.80

371 :0.50-

30 : 080 .
. 3Xy '1,70

173 2.30 -

•. 40 OJffl

- 82 1M“

7 7^0

-62 4.80

■ : -8 : 120
5 1

20 340

CONTRACTS

- BsBid

19. -

30 2.60 —

26 ‘ 1.60 . —
10': . 3 8 . —

5 4.60 J

17 . 1 : o.ao

3 - 2,30
30 200

W3.' 1 ;

40..* OiSD.

.20 • -14
.13 9J50

■ 58- 3.80 :

, 40 1,40 '

49 .‘220-.:

3 - -8J30-
17. 6.00 .

.•■4*-. js 9 :

/BASE; LENDING RATES

AJBN. Bank . ..i. — 12 %. -■ Xlrindlays Bank V. .. i. ..

Allied Biah- Bank ....... 12 % . Guinness Mahon .

• Amro Bank . .... T2 % MHarabros Bank ... r . . ...r

V Henry- Ansbacber .-. . . .. 12 % Hargrave Secs.’ I2tL . -

Arimtimot Latham. ...12 % .. .Heritable fic Gerc ^ust if %

Associates' Cap.: Coap: 12;%- MHin Samuel 512 ®

‘ Banco .de Bilbao -^^.12 % a-Hoare & %

.-.BOCK 12 -g r' .Httngfcong & -Shanghai itfSB

.Batik Hapoalim BM .'. .12. 51 ---Kin^nbrth-, Trust Xt(LJ£&
Bank of Ireland' 12 % . Knowaley & Co. Lt(L \4 fm %
*Bank Lemul (UK) ,plc l2 % '; ;Ll<isris Bank

. Bank of Cypraa :..... 12 %

• Bank Street Sec. 131%

Bank of JW5.W. 12 %

‘Mallinhall limited ... 0^ ^

EdwarilMansongiCd.

MifflandLJBaflk

Banque' Beige 7 £4# \V. % M Samuel', Montagu S3 %
Banque du Hhonfe et de ■Morgan- Grenfell
• Ja ,Tainise .SA. 12J% - National WestnrinztBr 42?%
Barclays Bank X2. % Norwidr General Trust

Beneficial' Trostlitd...... 03 F. S. Refson « Co,

;.Bremar. : Holdings Ltd. 13 % Boxhurabe • Guo^ffifee’t2l%
: Brit. Bank of lfid.Eart 12 %\ Slaveabure’s Bank;... ^12 %

1*1, !■! ■ ■■ ' ■* r.- 1 k. v m, ■ '1 ■ * itiAv 'nr

- SUphr Standard Chartered-.^RJ^

Canada Pann.1 Ttust-v 18 % - %

Castle CotoTTrwt-Idd, • Trustee Savings Bank’ 12: %
Cevendish fi'tyl^tXtd.^ 18 ' % ; TCB 12 %

■ ; . Cayzer Ltd. 12 % thtited Bank of ^ Kuwait 12 %
" C edar HoJdlri0B=.-.V.;.L,.;l2:% .v^oltakas Inti. Ltd. :.; 12 %
■OiMteshisuae j^vheu.12^% ' . .‘Whiteaw^r xaidi(nr'„i.:i2i%
ajoulartooB V...... 12 % Wflliams i Glyn's

;,. gtiba^c-Sari)?re Wintrost Secs. Ltd. ... 32%

: Cl^e^ale B*t& .;...,12ig ; Torto ..V,i.v^ j2 %

/;-• Comm. BjTtrf * ^

Comat Bk. of Nr. Bast 12

Gypiys Pfi|HriaPBk. J -.l2.%\ : ■.-em.ooo;: ^.9%,^ - no.ooo »
^ Mi % . «aooo «*%,. oojm. »d

v- .Exeter i>ust r; , .13 % : .

2 itewalt* wrer rt.OO0 10%.„

•' - Secs. Ltd.;..^15 % I Domreni- ^

.Kobert rxas^r %. .4 - MonoaHa bna : ‘ i. _ -

’• Rnxpsetsb^t^asmloimaSoa glvm iacoasdkmcewi& fte RcguhtfoosoflhBCoaadlofTkeStodkExehenfcmLcttxIon for the purpose oftpriog information to the public with regard to tiieShdkb be issued by the Commonveohc cfAustmm f AasbwfieO. AushtdfohastbkuotdlreaSQTtabfocar* to ensure that the fa&s&iutad

heswo gzeirucund occmafein ail material respects and that there arena Other materiai facto the omission oi ivhtch tsmUd make misleading g^.skrfeflrcm' femn whether oi fader at qatatoa. A aslzdk r ac cepts rey x v w i & ff fr accsmdmgly.

Bated 20th July, 1982

Commonwealth of Australia

Issue on a yield basis of

£100,000,000 Loan Stock 2010

payable as to £20 per cent, on application
and as to the balance by 28th October, 1982
with interest payable half yearly bn 28th July and 28th January

The Issue has been underwritten by

S. G. Warburg & Co. Ltd.

County Bank Limited Hill Samuel & Co. Limited

Kleinwort, Benson Limited Morgan Grenfell & Co. Limited

J. Henry Schroder Wagg & Co. Limited

EXCKAJIB

. •wFJp

:■ -

Application has been made to the CorocS afTbe Stock Exchange in London
lor die £100,000,000 Loon Stock 2010 (the “Stock") to be admitted to the
Official List for quotation in the Gilt-edged market. The Stock, when listed,
wiUbc in investment falSngwitinn Part Uctf the Hist Schedule to the Trustee
in vest m ents Act 196 L

Re ndun ce ab te allotment ktteix (partiypaid) in respect of the Stock wBl be
idaqntofaed not later than Wednesday 28th July 1982. A certificate in respect
of the Stock held by a (raider of Stock wffl be despatched to. or at the direction
cC, that holder on (9th Novemba; 1982 provided the balance of the moneys
payable thereon has been duly paid.

PROCEDURE FOR APPLICATION "

Each ap p& ra tion for Stock mnst be made in dwform of foeappKeatioBform
provided herewith and must be lodged with Lloyds Bank Pic, Issue Section.
Ill Old Brand Street, London EON IATJ (the “Receiving Bank”) not later
thaw 1(100 aon. on Thursday, 22nd July, 1982 and must comply with the
provjskmstrf' “Terms of Payment inHespect of Applications" below.
App li ca ti ons for Stock must be for a minimum of £100 principal amount of
- StotA and thereafter fo r th efoDp wiq g m u lti ples of Stock—

Amot of Stock ap^kd for Multiple

- £1,000 or Iras .. .. « .. « £100

£lft0Dto£l0fl00 .. — .. .. £1,000

£10,000 to £50000 £5.000

£5QJXX) or greater ... ... .. .. £25,000

& O. Wufxtrg ft Co. Ltd, on behalf of XustraEa, reserves tieright to reject
any application and toaccqptany application in part only. If any application is
not accepted the relevant application form and the amount paid thereon will
be returned by post at the risk of the person submitting the application and, if

any application is accepted for a smaller arnoum of Stock than that applied for,
the balance of the amount paid on application will be so returned^

S. G. Wtrtnugft Ca Ltd, on behalf of Australia, will announce the basis or
allotment by I0JQ0 un. on Friday 23rd July 1982. It is expected that con- .
firmattooof aBotments wfll be despatched on that day Acceptances of applica-
tions for Stock will be conditional (inter alia} upon the Council of The Stock
Exchange admitting the Stock to the Official List on or before Wednesday. 28th
July 1982 and. the rate of interest on. and issue price of, the Stock being appro-
ved by the Treasurer of Australia (see “General Information -.Underwriting
Arrangements" below). .

THE ' APPLICATION LIST WILL OPEN AT 10-00 A3 L ON
THURSDAY, 22nd JULY. 1982 AND CLOSE LATER ON THE SAME
DAY.

TERMS OF PAYMENT IN RESPECT OF APPLICATIONS
F,fh application fonn most be accompanied by ■ cheque made payable fo
“Lloyds w«"V Pic" and crossed “Australia Loan", representing payment at

the rate of £20 per cent <rf the principal amount of Stock -applied for. Such

cheques must .be drawn on a branch in. the United Kingdom or the Channel
Islands of a bank which is cither a member, of the London or Scottish Clearing
Houses or which has arranged for hs cheques to be cleared through the
feeffiries provided for the members of those Chairing Houses so as to foe cleared
not later than HUM a.m- (London time) on Wednesday, 28th July, 1982.

S G. Warburg ft Co. Ltd., on behalf of Australia, reserves the right to instruct
the Receiving Bank to /wain the relevant allotment letters and cheques Tor
surplus application moneys (if any) pending clearance of applicants
remittances.

The balance of the amount payable no foe Stock allotted must be paid so as to
be cleared on or before Thursday, 28th October, 1982. Any amount paid in
advance of in doe date shall not bear interest or be entitled to any other

Mtarato pay foe brfance on any Stock when due wfll tender afl amounts
nrenoodv nud W to forfeiture and the allotment' liable to cancellation.
Interest at the rate of two per cent, above the Base Rate for the time bong of
the JLeeetvmg Bank may be charged on such balance if accepted after its due
Australia further reserves the right, in default of payment of such
bafaace^torefl any such Stock folly paid for its own account.

DELIVERY .

RenonnceaWe allotment letters (partly paid) in respect ef Stock allotted will be
despatched not later than Wednesday, 28th July, 1982 to. and by first dass
post at the risk oL-thc person submitting the application in accordance with
the instructions stated on the application form.

AlWmwu - fetters may be spUt up to 3.00 pjn. (London time) on 26th October,

1 982 in accordance with the insmictioaa contained therein into denonrinaCons
m ultiples <tf£ 100 principal amount of Stock.

Unless a duly renounced fully paid allotment letter with' the registration
application form duly complied it received by the Receiving Bank on or
before Thursday, 28th October, 1982 the Stock represented by sue* allonnent.

m London for, fuHna w** quotation, on soch GENERAL INFORMATION

leacrw DC Z^BWreUUIWUOUi^vi UK. w u y i»» - .

wiH bctnmsfiaabteOPly by instrument of transfer.

Stock certificates wffl be despatched on 19th November, 1982 at the risk of
holders of Stock. provided the balance of the moneys payable OTjhe aock
held by foe holder to whom the Stock certffiotfes are to be despatched oa&
been day pakL After that date aflotmat tetters will ctase -to be valid for any
purpose.

INFORMATION RELATING TO THE ISSUE

The isstmofthe Stock wmmtthomcd by theG<n^^ Austt^

acting with foe advke of the Federal Executive Council on 19th May, 1982
wifoe Stock wfll be ooMthoted by a Deed PoD Ito be teted 28th Jjty** 8 *
hy AiBtraSa and rirp"” 1 *** with Uoyfo Bank Pic, and holders of
Slock vBL Ssdeemcd to bam notice of and will be bound byte tern*.

Finite! State '

by instrammt in writing in the same manner as if foe Stock were ascconty to

The Stock wiB constitute a

doe S rim^pSoraaxux of all ONi g aiiw g of Austnfia with respect

The Stock will beureecmed and wffl raxlk^pmu f^aiv^msKaxred
lodebferiaos (as that term «3l ** defined a the «wd Deed Poll) of Australia
from time totnneOQtstxnduig.

A»tedfowfflredamfteS»odt»tp««a2 8 * ,,J, *f* a0ia

Australia Wfll be abb at any time to ^

price or by private agreement «* *

expense*) not ereewflag 115 per ant, of the pdima madoet quotation for tat

Stock on The Stock Exchange m London for, fiuHns such quotation, on soch
other stock exchange on which the Stock is listed for the time being) at the
dose of business on the last business day before the dale of purchase, but doe
otherwise.

Stock so purchased shall be cancelled forthwith.

Interest

The Stock will bear interest from 28th July, 1982 at a rate per annum to be
determined in accordance whh “Determination of Rate of Interest and Issue
Price” below. Interest on the Stock will be payable by equal half yearly
instalments on 28th July and 28th January m each year except that the
first payment of interest in respect of the period from 28th July, 1982 to
28th January, 1983 wfll be calculated on the amount for the time being paid
np on the Stock and on the baas of the number of days elapsed aad a 365 day
year.

Determination of Rate of Zaterest and Issue Price

The Stock wfll have attached such rate of interest and be issued at such price as
will result in the Stock having a grass redemption yidd determined on the
basis described below (the “Issue Yidd'7-

The Issue- ^ Yield shall mean the sura of one per cent and the gross redemption
yidd, rounded to three places of derinnds (with 0.0005 bong rounded
upwards), on ijy 2 per cent. Treasury Stock 2004-08 at 300 pjn. (London
tune) on Wednesday." 2 1st July, 1982, the price cum dividend of such Treasury
Stock to be determined by S. G. Warburg ft Co. Ltd. to be the arithmetic mean
of the bid mid offered prices quoted on a dealing basis for settlement on the
following business day by three jobbers in the Gflt-edged market. The gross
redemption yidd wfll be expressed as a percentage and will be calcubalro on
the basis set out under “Cal c ula t ion of Gross Rcd«nption Yidd" below.

The rate of interest attaching to the Stock will be determined by S. G. Warburg
ft Co. Ltd. and will be an integral multiple of one quarter of one percem. and
the issue price, which will not be greater than par nor less than £95 per cenL.
will also be determined by S. G. Warburg ft Co. Ltd. and will be expressed as a
percentage rounded to three places of decimals (with 0.0005 being rounded
upwards).

It is intended that notice of the Issue Yield, rate of interest and issue price will
bepublisbcdinihe^rRiniciW 77mes on Thursday, 22nd July, 1982.

Ca lcu la tion of Gross R edrmytina Yidd

The gross redemption yidd' win be calculated on the basis indicated by the
Joint Index and Classification Committee of the Institute and Faculty of
' Actuaries as reported in the Journal of the Institute of Actuaries
"VoL 105, Part 1, 1978, page 18 as follows: —

“Redemption yields are calculated taking accrued interest as part of the price
. and using a tree compound interest formula Le. finding the value of r to give
/fa =0 where

= ^|CI

(1 — v*)r
O — p)

)-2

and vis the discounting factor, per period (e.g.half-yeai),

R is the redemption amount,

Cis the coupon amount per period.

Ci is the actual coupon due at the next payment date (which may be
zero if the stock is already quoted "ex dividend', or may be a first
fractional payment),

a is the integral number of periods till redemption from the next
payment date. -

p is the fractional period till the mat payment date,

P is the price actually payable (with 'accrued interest* not 'stripped
out', but, for shorts, added in).

Si , Bt etc. are outstanding calls on ipartly-p^d stock,
ht hi etc. are the fractional periods tiu these calls are doe.

When the root of /fa has been found the gross yield, y, convertible half-yearly,
is obtained from

7 = 200 ( 1 / 1 ^— I) percent

where £ is the frequency of coupon payment pffyear.”

USE OF PROCEEDS ■

The net proceeds of the issue of the Slock wBI be transferred to the Reswye
Bank erf Australia and thereby added to Australia’s international reserves. The
Australian currency equivalent of these proceeds will be paid into the Loan
Fund and will be used under the authority of the Slates Grants (Tertiary
Education As&isiance) Act 1981 for muk big grams of financial assistance to the
Slates and the Northern Territory in relation to teniaty education or for reim-
bursing the Consolidated Revenue Fund in respect of such grants and under
the authority of the Housing Assistance Act IW for reimbursing the Con-
solidated Revenue Fund in respect of financial assistance to the Stales and the
Northern Territory in rdalion’lo housing.

STOCK EXCHANGE DEALING

The Stock will be dealt in on The Stock Exchange in the Gill-edged market
and will normally be traded for settlement and delivery on the dealing day
after the date of the transaction. The price of the Stock will be quoted inclusive
of accrued interest.

ft is expected that dealings on The Stock Exchange will begin on Friday,
23rd July, 1982 (at seller's risk) for deferred settlement on Thursday,
29th July, 1982.

CURRENT UNITED KINGDOM TAXATION

In the case of interest payable in respect of the Stock. United Kingdom income
tux wiH be deducted from each payment excepi tbit, under current Inl e nd
Revenue practice, pa yme n ts wfll be made gross to persons whose registered
addresses are outride the United Kingdom provided that the payments are
made direct to an address abroad other than to a branch of a United Kingdom
company, the registrar for the Slock, docs not recognise such person as a
resident of foe United Kingdom for taxpmposa aad such payments are potto
or for foe account of a resident of foe United Kingdom for tax purposes.
Pers o na who are not resident in foe United Kingdom for tax purpose* may
apply, by rending a daim form A3 to the Inspector of Foreign Dmdends, for
exemption from United Kingdom income tax on grounds of non-residence,

Tn addition, under c ur re nt Inland Revenue p rac ti ce , a bank in the United
Kingdom recognised as such by foe Inland Revenue may receive interest
payments witfaoot.dodncttOa of tax if it certifies on foe occasion of each such
payment that it owns the underlying Stock and is beneficially ent i t l e d to foe
interest.

Stockholders who ate liable to United Kingdom tax on capital gains should
note that foe provision in Section 67 of the Capiul Grins Tax Act 1979 which
f^wm prx from tax capital gams on Gill-edged securities (as defined for such
purposes) held for xaoretiwol 2 roootiuwill notapp^ to fori Stock.

Underwriting Arrangements

By an Underwriting Agreement dated 19th July, 1982, S. G. Warburg ft Co.

County Bank limbed, H3! Samuel ft Co. limited. KJednwon, Benson
Limited, Morgan Grenfell ft Co. Limited and J. Hemy Schroder Wagg ft Col
L imited (foe “Underwriters") have agreed with Australia to underwrite the
issue of foe Stock. The Underwriting Agreement is subject to certain condi-
tions and S. G. Warburg ft Co. LkL on behalf .of the Underwriters, may in
certain circumstances terminate the Underwriting Agreement, If the
Underwriting Agreement is so terminated or the Underwriting Agreement
does not become unconditional, acceptances of applications for the Stock wfll
become void.

Australia has agreed to pay to the Underwriters commissions ag gr egating I25p
per £100 of Stock for their services as managers and underwriters of the issue
out of which will be paid commissions to foe brokers to the issue (Rowe ft
Pitman, Phillips ft Drew and R. NKfisonft Co.) and certain other persons who
have accepted sub-underwriting participations in respect of the issue of the
Stock. Australia will also pay brokerage of l2Vtp per £100 of Stock to recog-
nised Banks or Stockbrokers on allotments made tn respect ol applications on
forms bearing their stamp: this commission wfll not however, be paid in
respect of any allotment which arises out of an underwriting commitment. The
expression “recognised Bank or Stockbroker" shall mean any organisation
which is a recognised bank for the purposes of the Banking Act 1979 and any
firm of stockbrokers which is a member ofThe Stock Exchange and such other
banks and brokers as S. G. Warburg ft Co. Ltd. shall at its absolute discretion
determine for the purpose of the issue. Tbc total expenses of foe issue (includ-
ing the above-mentioned commissions but excluding brokerage) are estimated
to amount to about£U50,000 and are payable by Australia.

Daeaments f or Inspection

.Copies of the following documents will be available for inspection at foe offices
of Slaughter and May, 35 Basinghafl Street. Lewd an EC2V 5DB donas
, normal business hours until Jid August, 1982: —

© foe Underwriting Agreement referred to above;

(n) a draft, subject to modification, of the Deed PoD referred to
above; and

(iii) extracts from the following statutes and other documents re-
lating to foe issue of the Stock Australian Constitution.
Financial Agree me nt, Financial Agreement Validation Act 1929,
Financial Agreement Act 1928, Financial Agreement Act 1976.
Standing Resolution (1956) by foe Australian Loan Council.
Loans Securities Act 1919, Acts interpretation Act 1901. State
Grams (Tertiary Education Assistance! An 1981. Housing
Assistance Act 198 1 and a certified copy of a Federal Executive
Council Minute containing recommendations approved on
Wednesday 19th May; 1982 by the Governor-General of Aus-
tralia acting with the advice of the Federal Executive Council

General

No person is authorised to give any information or to make any representation
not contained in this Prospectus; and any information or representation not
contained herein must not be relied upon as having been authorised by
Australia or by any of the Underwriters. This Prospectus does not constitute
an offer to sell or solicitation of an offer to buy foe Stock in any mnsdkaqn
to any person to whom it is unlawful to make such an offer or solicitation m
such jurisdiction. . .

Copies of the Prospectus and application form may be obtained from: —

The office of the Australian High CommOTOQ, Australia House,
The Strand. London WC2B 4LA.

S. G:^ Warburg ft Co. Ltd, 30 Gresham Street. London EC2P2EB.

Jiowe ft Pftnran, Gty-Gaie house, 39-45 F in s bury Square,
London EC2AUA.

PUffipa ft Drew.Lee Rouse. London Wall, London EC2Y 5 AP.
R. Nfrisoa ft Co„ 25 Austin Friars, London EC2N 2JB.

Lloyds Bank Pk, Issue Section, ill Old Bread Street, London
EC2N1AU.

Lloyds Baak Pic, 131 George Street, Edinburgh EH2 4LQ.

APPLICATION FORM

. The application list wffl op« at 10J10 am. ooTbcvsday. 22nd Ji^. 1982, aad dese later or the same dav.

This (win must be lodged with Lloyds Baak Pic, Issue Section, 111 OM Broad Street, London EC2N 1 AU-

COMMONWEALTH OF AUSTRALIA

ISSUE ON A YIELD BASIS OF £100,000,000 LOAN STOCK 2010
Payable as follows: On application, £20 per cent. On or before 28th October, 1 982, the balance of the. issue price

To: Lloyds Bank Pic, Issue Section, 111 Old Broad Street, London EC2N 1AIL

In accordance with the terms of the Prospectus dated 20th July, 1982. I/we request yon to allot to me/us Stock as set
out below:

Principal amount of foe Stock
applied for

Anxmm enclosed at £20 per cent,
of the principal amount applied for

I/We endow a chequed in foe amount set out in the right band box above.

I/We undertake to accept the amount oT Stock applied for or any lesser amount that may be allotted m respect of this
° application and to pay for the same in conformity with the terms of the satd Prospectus.

I/We request that any letter or allotment in respect qf the Stock allotted to meta be sent to mails by first class post at
my/our risk at the address shown below. I/We agree that the application shall be itrevocable. f.H e understand chat the
completion and delivery of this form accompanied by my/our cheque constitute a reprcxemuiion that my our cheque
will be honoured on first presentation. I We hereby engage to pay the balance payable on foe Stock by Thursday. 28 fo
October. J9S2 on any allotment made to me. us in respect of this application and h*c understand that failure to pay
such balance bv the due date will render the amount prciiousty paid liable to forfeiture and the allotment liable to
cancellation anil foal interest at the rale of two per cent, above ihc Base Rate for the time being of Lloyds Bank Pk
may be charged on such balance if accepted after Hs due date and that Australia may. without prejudice to any other
rights, in default of payment, sell the Stock fully paid for its own account. LTA e acknou ledge that any allotment letter ts
liable to be held pend mg clearance of such remittance and allotment.

1/VVe hereby request that any allotment of Stock to mcAu be evidenced by an allotment letter addressed to me Au and
be sent by post at my/our risk to me/us at foe first address shown bdow.

-A separate cheque must accompany each application form. Cheques should be made 'payable to “Lloyds Bank Pic"
and crossed “Australia Loan”.

FOR OFFICE
USE ONLY

1. Acceptance No.

2. Amount of Stock
accepted

1 Amount received
on application

Amount payable
on Stock accepted

Amount returned

Balance payable

A/LNa

(]) Usual Signature — __ — — — - «

In the case of a corporation, the common seal must be affixed or this
form signed bv a duly state ms capeary.

Joint Applicu Is fffanyk

Cheque No.

Forenames — — —

Surname . — vrr

(abo state designation: Mr., Mrs.. Miss or title)

Address injull.

(3) Usual Signature

Forma ,™ r - ' ■■

Surname — --- — — rr-—

(also stale designation: Mr^ Mrs.. Mas or title)

Address in full

all must sign.

{2) Usual Signature —

Forenames.........*-..

Surname .........

(a ho state designation: Mr., mis.. Miss or title)

Address in full —

(4) Usual Signature

Jmrmamm'.

Surname

Cabo state designation: Mr,, Mrs* Miss or title)

AddranthtfulT. -.. „ , ,

Stem* dkakw -
broker dafnrag brokanao
(ff any}

22

Companies and Markets

COMMODITIES AND AGRICULTURE

Times Tuesday July 20 1982

-.r-r-V--

Cocoa
values at
12-month
low

By Richard Moom?

rising STERLING and disap-
pointment at die outcome of
last week's council meeting of
the International Cocoa Organi-
sation (TCCO) depressed values
on. the London cocoa futures

market yesterday.

These factors were enough to
outweigh the announcement of
record West German second
quarter cocoa bean grindings
and push the September position
£30 lower art; £866.50 a tonne —
the lowest level since June 1981.

The ICCO talks in London
were adjourned on Friday night
without reaching a decision on
measures to boost depressed
prices.

Producers had proposed using
a $7 5m loan, secured by the
organisation recently to fund
the purchase of 150,000 tonnes
of cocoa on deferred payment
terms, lifting the buffer stock
to the trigger level of 250,000
tonnes, at which export quotas
could be introduced. Used for
direct buying the money would
yield less than 50,000 tonnes of
cocoa at current prices.

But the consumers said they
had not been given sufficient
time to study this proposal,
which would have meant the
immediate purchase of 60.000
tonnes from the four main pro-
ducers, with another 90,000 to
follow later,
ternber 27.

buffer stock manager should
have completed on the costs of
tiie scheme.

West German April-June
grindings totalled 39,850 tonnes,
according to the National Con-
fectionary Association.

Sarawak pepper
exports rise

KUALA LUMPUR — Pepper
exports from the East Malay-
sian state of Sarawak rose to
1,71Q tonnes in January from.
1,216 tonnes, in December, but
were lower than 2,654 tonnes In
January 1981, the Pepper Mar-
keting Board said.

In January, Singapore took
1.146 tonnes. Japan 333, Taiwan
109 and other countries 122
tonnes.

Reuter.

Whaling ban
move hits snag

8T NANCY DUNNE

THE DRIVE towards a ban on
commercial- whaling could be
losing some steam as 38
national delegations -attending
the annual meeting of the Inter-
national Whaling 1 Commission
In Brighton face the possibility
that a moratorium might lead
to a walk-out by whaling
nations.

Meeting yesterday, the iWc
technical committee discussed
the possibility of compromise
and putting off the vote. — if
there is to be one — - until the
end of the week, according to
Mr Martin Harvey, Executive
Officer of the Commission.

However, if the Issue does
come to vote, it is likely to
pass, said Mr Harvey. The Com-
mission has two new members
now. Senegal and Belize, both
believed to be heading for the
anti-whaling camp, and they,
along with traditional oppo-
nents plus other new members
who oppose the practice, could
well make up the three-quarters
vote needed to pass the ban.

One factor delaying final con-
sideration of the ban, said Mr
Harvey, is funding for whaling
research .which is supposed to
go forward if a ban is approved.
In the past, financing has been
mostly provided by the whaling

nations, which are unlikely to
continue to provide funds in
the event of a ban.

The Commission fears a
“domino effect'* with one
nation cutting back on funding
and other nations following suit,
Mr Harvey said.

None of the ban's proponents
has offered a major increase in
research or research fina n ci n g.
In fact the U.S. which has said
it would consider economic
sanctions if Japan ignores a
ban, has actually cut its gray
whale research.

As the world's largest whal-
ing nation, Japan is bitterly
opposed to the moratorium, and
the ban's proponents are
seriously worried about the
prospect of Japan leaving the
commission, just as it is becom-
ing an effective conservation
organisation.

British conservationist Joanna
Gordon Clark has said that
the loss of Japan would
seriously weaken the IWC and
has advocated allowing Japan
some sperm whales and minkes.

Five motions are now await-
ing consideration. The U.S. has
proposed an indefinite
moratorium; British and
Australia, a cessation; France, a
suspension with no specified
time limit, and Seychelles, a
negotiated end.

EEC to take more tapioca

BY LARRY KLINGER IN BRUSSELS

THE EEC yesterday agreed to
import up to an extra 500,000
tonnes of Thailand manioc, the
tapioca animal feed supple-
ment. The EEC’s Council of
Agriculture Ministers rejected
demands from the Netherlands
for the Community to accept an
etra lm tonnes above Thailand's
5m-tonne quota for Ihis year
but authorised the European
Commission to negotiate with
Thailand for up to 500,000
tonnes provided Dutch traders
can demonstrate that their
is sufficient EEC demand.

- The Ministers also stipulated
that the final level of extra
imports would reflect possible
unfilled quotas from other sup.
pliers such as Indonesia, China
and Brazil.

The Netherlands have been
delaying ratification of the Thai
manioc agreement negotiated by
the Commission early this year
until its traders were given an
assurance of increased imports.

Thailand’s quota for this year,
was expected to have been com-
pletely filled by next month and
the Dutch argued that without
extra imports their feed com-
pounding industry could be in-
trouble.

Ratification of the Thai agree-
ment is now expected to follow
speedily with the Netherlands
also winning a concession from
its EEC partners to allow the
Thai's to ship some of thefr
1983 quota this year, if it posed
no disruption threat to the EEC
internal' animal feeds market.

Support
buying of
London tin

By Our Commodities Staff '

SHARPLY FALLING prices
prompted the International
Tin Agreement buffer stock
manager to buy tin on the’
London Metal Exchange yes-
terday for the first time In
some months. While the
London market has remained
relatively steady his efforts
have been devoted to prevent-
ing the Penang price falling
below the ITC “floor” level
of 29.15 Malaysian ringgits
per plenL

Bat the strength of sterling
started a downtrend yester-
day that was fuel by chartist
sellin gand the cash price
had fallen by more than £300
a tonne before the buffer
stuck manager intervened.

The -buying was of three
mouths delivery high grade
betal but it also steadied the
cash quotation which dosed
about £100 off the bottom at
£6405 a tonne, down £225 on
the day.

Copper was also depressed
by sterling’s strength and the
interruption of morning trad-
ing because of a bomb scare
was thought to have added to
the market’s weakness. Cash
high grade copper ended the
das £8.75 down at £83940 a
tonne.

The recent downward trend
in LME warehouse copper
stocks was reversed last week
with the total rising 1.525
tonnes to 141,950 tonnes.
Lead and zinc stocks also
rose, by 1,750 tonnes to
104475 and by 1.025 tonnes
to 67,500, but tin stocks were
555 tonnes down at 41,425.

Silver stocks fell 430.000
troy ounces to 36m while
aluminium stocks were 600
tonnes up at 217,325 .and
nickel stocks 234 tonnes up at

Fire damages
fishmeal plant

HAMBURG — Fire swept
through a fishmeal processing
plant in the north German port
of Cuxhaven last night, causing
several million marks’ worth of
damage and probably putting
the factory out of action for
several months, the owners,
Vereinigte Fischmehlwerke
Uuterelbe GmBh said.

Keuter

TROPICAL AGRICULTURE

Mystery of the monsoon-

& nfviii mDDCUnUnEMT ■-W:

THE DELAY in the start of the
monsoon In India is causing
increasing concern. So, as in
1972 and 1979, the food supplies
of hundreds of millions of
people hang on the capricious
behaviour of these enigmatic
weather patterns

The word monsoon is believed
to come fro*- the Arabic •word
“mouslm” eauing season. 'To
meteorologists it has come ' to
define prevailing winds which
reverse to bring- alternate wet
and dry seasons. To the lay-
man it is synonymous with a
rainy season.

In fct half the world's popu-
lation, Tiring in the tropics and
sub-tropics, rely on the summer
monsoon for much of their life-
giving rain. In particular, much
of the Indian sub-continent gets
at least three-quarters of its
rain from this source. So
failure of this rainfall is a mat-
ter of life and death.

The basic explanation for the
monsoon was first proposed by
Sir Edmond Halley to the Royal
Society in 1686. He suggested
that as Asia warms up in <he
summer it has the effect of
drawing huge quantities of
moisture northwards from the
tropical Indian Ocean. In win-
ter the reverse occurs with the
winds blowing from the cold
continent to the warm sea.

This simple explanation is
only part of the story. The
reason why the summer mon-
soon is so much stronger over
India than elsewhere is linked
fo the controlling influence of

BY A SPECIAL CORRESPONDENT

and great hardship when food- soon was the subject' of the
grain production fell by nearly earliest scientific efforts at
17 per cent. long-range weather forecasting.

Last year it was even more after the terrible famine of
erratic. It started bang bn time, 187a But the value, of being
. reaching New Delhi on June 2& able to predict more accurately
■? Kper Initially it appear bountiful, but Us development each year la of

subsequently proved to be immense potential .-benefit to
SStt 22 patrby with floods aod drought India. *. - ■

SSth is* big ^ cyrrir ^ in adjacent re^ons. A nUmbef <*' theories have

3 JaiP“r ***** ■«***»« been 'advanced. Clearly.,^
with its toea^rainTis drawn, record, while much of the rest amount of moisture transported
further
in o tiier

the Himalayas and the Tibetan
plateau.

What seems to happen is that
as tiie Indian sub-continent and
the rest of Asia heats up. the
je (stream in the upper anno-

record, while much of The rest

norflI y ovS“lndia U ftan' ‘ S" Mrth\^Pds is influtttSTFS?
parts of the sub-tropics.-. 2L2£3 jESfSarf?'' temperature of the . tropical

But it Is the timing of the
switch that is crucial to the
strength of the monsoon.

The average progress of The
monsoon across India seems
inexorable. It bursts on the
Malabar coast at the end of
May and sweeps up across the
country to reach New Delhi by
the beginning of July. During
September, as Asia cools, it
starts to retreat, but not until
the end of November does it
leave the south of the country.

In any one year the move-
ment takes place in fits and
starts. Periods of torrential
storms are followed by days of
sunny weather. More important,
from year to year the timing
of the start and end of the mon-
soon varies greatly.

This year the problem is that
the onset of the rains has been
delayed and so much of the
country faces increasingly
severe draught. But recent
variations in the monsoon have
shown how much it can differ
from year to year. The abun-
dant rains of 1978 and 1930
straddled a year of drought

retreated over a month early,
so threatening widespread
drought, only to produce heavy
rains in September which saved
much of the harvest.

The result of this erratic
behaviour was that the harvest
fell short of target' with the
Punjab and Uttah Pradesh
being worst hit. Power cuts
had to be instituted to conserve
scarce hydroelectric resources
for gathering in the harvest. In
the end India had to import
nearly 3m tonnes of wheat,
putting a severe strain on her
meagre reserves of hard cur-
rency.

Such failures are not new to
India. The spectre of famine
has haunted the country for
centuries. Indeed there is con-
siderable evidence that the
monsoon was less reliable
before 1920. So India cannot
bank on doing as well as we
have done in recent decades.*

The underlying causes of the
wayward behaviour of the mon-
soon. though the subject of
intense study, are not yet
understood. Indeed, the mon-

Indian Ocean. . So better
measurements of. this para-
meter may hold the key to im-
proved forecasts. . • -

More subtle is what- controls
the timing of the switch -of the
jetstrenm back and forth' across
the Himalayas. The develop-
ment of die summer weather
patterns in m i dd le , latitudes
seems to play a pari In this
crucial shift. Both, In turn,
may be influenced- by 'such
factors as the extent of snow
cover over Asia in the previous
winter and sea surface /tempera-
lures over the North Pacific and
North Atlantic,

Whatever the causes, the
message is dear. The crucial
dependence of India on this
single well-defined but little
understood seasonal movement
of the weather makes the
monsoon possibly the single
most important challenge for
weather forecasters. But until
that challenge is met; the- mon-
soon will in Carlyle’s woods
reflect the ** mysterious' course
of Providence."

Meat co-op rescue plan agreed

'BY JOHN CHERRJNGTON, AGRICULTURE CORRESPONDENT

AFTER A stormy and at times
bitter extraordinary meeting of
North Devon Meat on Satur-
day over 1,000 members of the
financially embarrassed pro-
ducers co-operative, mostly
farmers, agreed unanimously,
to support a proposed £2m res-
cue plan.

They have until August 7 to
make tbeir contributions to the
trust fund. “The quickest and
most painless way will be for
fanners to send in livestock
and let me deduct their contri-
bution from the amount the

stock realises," said chief exe-
cutive Dick Cawthorne yester-
day.

Contributions will be graded
according to the amount of
trading a contributor does with
the company.

Company secretary Brian
Rogers has tendered his resig-
nation but Mr Cawthorne
remains.

Savings of £l-2m are antici-
pated in the 37 weeks remain-
ing of the current financial
year. The main- item will be

the saving of £10,000 a week
in the wage bill by the dismis-
sal of 109 employees sinee .the
end of March.

But the company will still
have slaughtering capacity for
1,000 cattle a week. 10,000
sheep and 2,500 pigs. There re-
mains an impressive list of cus-
tomers still on the books, in-
cluding the British Army on
the Rhine, the United States
Forces in the UK, Marks and
Spencer, Safeway, ASDA,
Wait rose, British Home Stores
and West. Layton.

The company’s activities will
be closely monitored by a
management committee* which
will include an experienced
financial .' director. Contribu-
tions will be fully 'protected
with two eminent Devon far-
mers, Lord Clinton, ' and John
Quicke* as trustees. . But Sir
Peter Mills, MP, who presided,
made- it. abundantly dear that
unless members show their
confidence by providing the
money so urgently needed, thr
doors will dose.

LONDON OIL
SPOT PRICES

Latest

I Change

H-or—

CRUDE OIL-FOB (I par barrol)

Arabian Light. (31.50JZ.ia-O.42

Iranian Light. 30.50-30.Ml~0.85

Arabian Hoavy 2 940-30. 1»_0.07

Korth Sea (Forties).. 33J25L33 .mUo. 14
AfrtcamBonny U , !lt> ( 34.0n33.w|-0.30

PRODUCTS- North Wart Europa

CIF (V par tonne

Premium gasoline.. .1340-345 1+0.5

Gasoil. 266-274 U-6.0

Heavy fuel aiL. [163-165 1+2.0

GAS OIL FUTURES

After opening unchanged prices tall
quickly to thin conditions on bearish
crude news end having reached die
taws, failed to follow Maw York prices
(nether down, report* Premier Man.

'lYart'day'sj-f orl

Month

clews —

"Businas*

Dona

8 0S.
par tonne

267.00 !—SJtt|*67jllO
273.75 1—5.5D 28D20-73.D0
.00 279.70-74.00
( — 5.60!2B1J>0-7BJ»0
r-5JWi282.00-79.00
-5.00 2BLSaU.Efl
-5.75 —

-3.5-8 —

-4.00 -

July

August

Sept... j 274.00

Nov m

Dec ...

Jan .....

Feb. „|

March

279.25
2B1.00
282.75

284.25

285.50

Turnover: 2,578- (2,796). tots of 100
tonnes.

GOLD MARKETS

Gold rose $2± an ounce from
Friday's close in the London
bullion market yesterday to
finish at $347-348. It opened at
8352-352} and rose to a high of
$3521-353. reflecting a weaker
dollar and lower U.S. interest
rates. However the firmer trend
was not maintained and the metal
touched a low of S346-346* before
dosing slightly above this level.

In Frankfurt the 12* kilo bar
was fixed at DM 27,860 per kilo
(5351.94 per ounce) against
DM 27,790 ($346.72) previously
and closed at $349-350 from
$3461-3474-

In Paris the 121 kilo bar was
fixed at FFr 77.000 per kilo
($349.06 per ounce) in the after-
noon compared with FFr 76.500

($346.91)’ in the morning and
FFT 76,000 (S340.51) on Friday,
afternoon.

In Luxembourg the dollar per
ounce equivalent of the 12} kilo
bar at the fixing was $351.75.

In Zurich gold finished at $348-
$351 against $347-347*.

LONDON FUTURES

u __» h |Yeat'rday*sl +or I Busina**
“onth | clo3w _ j Dona

i £ par troy I
ounce I I

August i200.50-l.Qtf-l.80D 20S.M-ILM

Saprmb' ri202.00 3.001- I.20D.2M.H
October... 203.95-4.00,- 1 Jffi|WS.I5 J.«5
Novombcr l 205 I 40-6.IO:-1J5aJ —
December 207.50-8.20-0.82*1 —

Janua ry ...., 309.00- IB. 0 -flJO D —

Tumovnn
ounces.

757 (857) tola of 50

July 10

July 18

CIOSQ '

Opening

Morning fixing....
Afternoon fixing.

Gold Bullion (fine ounco)

8347.348 (C199ta-200) |S344:--345»a lE200»t-201>

S352J92J, (£201 '2-202) 5343^44 f£199i> 200j

9350 (LSOHa-ZOS) 5345^4 (£200.986)

8347.60 (£lB9.426j |S347 (£201.920)

Krugmd >356it-357«« U205-205i 2 )
i; Krug S1&4-185 (£XOBJ«-10641

't Krug 593i<-94J* [£54-54 1 8 J

110 Krug S3e'4-39U tC22-22i»!

Mapleleaf 5356is-5B7ta (£205-205 ip)
New Sov M2IB-83 (£471* -47*4)

Gold Coin* July 19
King Sov
Victoria Sov
French 20*
,50 osck Me*.
100 cor. Au«t
320 Eagles

885-90 r£50 12-51)

>68-90 (£S01s-511

876-78 U |£433«-45)
8424-4261* (CMSVM64.1
SUB-MSts (£193(4-19712)
S3 90-400 (£224 U-230)

FINANCIAL TIMES

PUBLISHED IN LONDON & FRANKFURT

Baa* Office Tie BreacM Ttan IMri, hdmi New. 10 team Start. IWn CMP «T.
Tries: 8954871. Tahra UMKrifttag) 985033. Takman: RmhUm, Leaden. Trigtew*: 10-2499000.
FnriUart Office: Tha FtancM Dm (Erinpa) Ltd, MMatMr- 54, MOOD Ftanfttart-sa^BWa 3,
Wwt Gammy. Trias 416193. Tricphant: 75984. Efltoriri: fTtarsmH 7141. Tata 4Z6052.
Tritphaoa: 7598 157.

INTERNATIONAL & BRITISH EDITORIAL & ADVERTISEMENT OFFICES

Madrid: Erereacada 32, Madrid 3. Tab 441 0772.

taster te PA Baa 3296, A —tenfaaML Tates
36527. Tab Z76 796.

■bwleghaau CHarfri ari dri afl ri m turn
H A, Geatia M, 935 IPS. Tatae 338650. Tab
OZM54

M wch ta te r; Criteria! aari JUmtkhm tern's
Hst, 0m» St, M2 SWT. Trias 666813. Tsfc
061434 938L

PimtaM XUX04 HmrOh 24& TriBC
8869542, Tub 210039.

■marie 39 Bn Dacria. Trine 23283. Fee 512
1404. Tat 512 <9037.

Banns Aires: Eriflda Sfka Km 7, Ns. 74
Anaida teitota 456, tedfgo 1366. Tab
3947696.

Cata: M. In 2048. Tab 751482.

DoUk 25 Saaft FMaffefcJBL, BuUaLTctec
25414. Tel: DaMn 603578.-
Uba ai L QNMriJatf AriwrfMMtCTCaama
Start. Be 2HN. Tate; 724W- IMBprW Tafc
031-226 4120. jUmritav Tafc 031406 4339.
Fbnkhwt: UHmU flraataarita 71«L Trias
416052 Tafc 7598 157. AriteflUv BaMtottsfr.
54 Trias 416193. Tafc 75940.

Haag Kang: Hewn 302, Haag Cheat Ba fldlag , 5
Gams toad CaatnL Trias 75204 MX. Tah
3-235166. .

J riwus bi ; P.0. ■« 2128. Tries B-&ZS7. Tafc
838-7545.

Leeds AritertU ag PaiHuaal Hum, Dm
H aadraa. Tafc 0532 454969.

UibBK Riata da Alagrta 5840, UsIwb 2 Tate:
32533. Tri: 362 508.

60F. Tafc 535 1368.

M saen a ; Katsomlqr 14, Amataart 3. Maaeav.
Trias 413300 Ftaana. 18b 243 1635.

Haw Toric EWtarfal aai Mni t kb m 75
Rockcfritar Pizza, H.T. 10019. UKffttf Tries
6639a Tri: (212) $41 4625. AdfartMqr Tries
238409. Tafc (212) 489 8300.

Parte Ed Natal Mri Cento d'Aftalm

U Loews 168 One de RfeaO. ftOdfl, Pa* Cedex
OL Tates 220044 Tafc 297 2002
Madcterim Be traaca 45, Site 2631-3612,
Ceuta BCP 20090, Ro de Jandre RJ RndL Tri:
263 8845. Trias c/e Beaten.

Raaw- EHterial Via date Mareada 55. Tates
610032 Tri- 678 3314
StodMta! EritarW Snmb Oaahhdat,
PnlaaibnaBM 7- Talas 17603. Tafc 50 60 82
Tokyo: EritaW 8th Flew, mbea Krinl,
SMaibaa BalMao, 1-9-5 OteancU. C h iyada ha.
Fas 245 0998. Tri: 241 2920k Atfrarffeteg
Kanhan BriHSaf. 1-6-10 O chl aa d a,
CMyeda-ta. Tates 127104 Tal; 295 4050.
Wha hl agta a : CdNsrW 914 Kriteri Pnaa
■4dUten.WatehntenaC.200e. Trias 440940.
Tafc <203) 947 6676-

Fof Short Index and Busfnra* Newt Summary, Telephone 246 8026
(number, preceded by the appropriate area code vaifd for London,
Birmingham, Liverpool end Manchester).

Afl Khartum k oddeette the goOHslwr's arrant tarmiand raodWare, eagles aCaMrik are uaUrtte aa

request.

BRITISH COMMODITY MARKET

BASE METALS

A BOMB SCARE in Plantation Ha us a
lad to disrupted and restricted trading
on the London Mam Exchange. COPPBt
fell to £852.5 owing to nervous selling
ahead ot the U.S. Mint tender
and unsettled LEAD and ZINC which
closed at £335 and E424.5 respectively.
ALUMINIUM was finally £566.5 end
NICKS. £2977.5 TIN came under heavy
selling pressure following continued
and sizeable selling in Penang over-
night. Forward standard material fell
throug h a significant chart point at
flora) prompting further haavy sailing
and stop-loss selling which was only
arrested by support buying from tha
buffer stock mansger. Forward material
touched a low of £5480 prior to closing
« £6555.

NICKEL

a.m.

+ Or

P-m. i+or

Omolaf

Unofficial; -f

Spot ......

2890-800;

-5B

2896-906-35

3 months

292CL30

|-4B

2920-30 j— Sa.B

a-m.

p.m.

COPPER ;

Official

|+ or

Unofficial

— 1

£

i £ i

£

£

Cash- |

852 3

I+JB

85940

-8.7S

3nrthd

867-.5

!+«a j

8&4.5-S

Settlem't

863

| + .5

—

1+2.75

Cash-

827-8

814-6

-5

3 month* ,

847-8

835-6

Settlom't i

I 828

—

U.S. Prod. -

■67-71

* Cants per pound. * MS par kilo,
f On previous unofficial close,

SILVER

Sliver was fixed 4,Z5p an ounce
higher for spot dekvaiy m the London
bullion marker yesterday at ■ 376.0p.
U.S. com equivalents, of the fixing
levels were: spot fSSJZc. up 10.7cj
three-rnomh 677.3c. up 17.1c; mx -month
7(B.0c. up 16.5c; and 12- mo rah 742.4c,
up 16.7c. The metal opened at 372-
375 p (851 -654c) and dosed at 373-37Sp
(649-053c).

SILVER

,por

troy oz.

Bullion ]+ or| LM.E. i+or
fixing — p.m. j —
price Unoffie'lj

Amalgamated Mom) Trading reported
Thar in the morning cash high grade
traded at £854.00. 53.00, three months
£870.00. 69.00. 68 00. B9.00. 69.50, 6BT00.

68.00, 67.00, 67.50. Afternoon: Higher
Grads three months E864.00, 63.00,

62.00, 82.50. 62.00. 57.00. 56.00. 56.50,

56.00, 55.50. 55.00. Cathodes three
months £835.00. Kerb; High Grade:
three months £856.00, 55.50. 56.00,

57.00, 57.50. 57.00. 56.50, 56.00, 55.00,
55.50. 54.50, 54.TO. 53.00, 52.00, 53.00,

54.00, 55.00. Turnover: 24,125 tonnes.

Spat ........ 376.00p ‘,+4.26 373.5p 1+8.6

3 months. 3 86.80 p t+4.7R 384.25p (+4^

6 month sJnB7,70p H-4.90; — !

12mcnthsl417.90 p +5. 10i — |

LME — Turnover 63 (71) tots of 10.000
ors.. Morning: Three months 266.5,
87.0. 88.5. 88.3. Afternoon: Three
months 385.5. 85.0. 84.0. 84.5. 84.0.
Kerb: Three months 383.5, 83.0.

COCOA

Values opened lower as due follow-
ing tha Inconclusive ICCO talks. Prices
fed further on fixed selling, reports
Gill end Duffus.

TIN

a.m. i+OTj p.m.
Official • - Unofficial

High Grade £ I £ I £

Cash 6440 BO -182 6400-10

3 months 6590-600 -177 6000-90
Settiem'G 64SO — 180 —

Standard) \ j

Cash ■ 6440-50 —IBS* 6400-10

3 month* 6590-600 — 177 6580-90
Settlom't 6400 —180 —

Straits 889. IB [ > —

New York' - (

Tut— Morning : Sta ndard ceah £64.50.
throe months £6730. 20, 6700. 6860.
60. 50. 30. 6800. 6590. Afternoon;
Standard throe months £0520, 0600.
6480. SO. 80. 6500. 20. 30. 40. 50. 60,
40. 20. 30. 40. High Grade three months
£6570. 80. Kerb: Standard three

momhp £6550. 45. 40. 50. 60. Turnover:
2.665 tonnes.

835-37
866-67
910-11

94SA9 , , ___ ..

968-70 M4.D 984-70
—23.5! 996-93
1-22.0; 1028-10

|-21.5| 865-36
I-30.S 889-65
1-27.0 928-10
-24-ffl 963-47

OA noA da

98891

1010-11

Sales: 3,826 (2,515) lots of 10 tonnes.
ICCO— Daily price for July 19: 68.41
(70.33). Indicator price tor July a):
71.08 (72.07).

COFFEE

During a featureless day steadier
sterling influenced opening losses Jn
mixed dealings, reports Drsxel Burn-
ham Lambert. Activity wea light and
in a narrow range whilst physicals
were subdued.

( a-m. 1+ on H-hi. |+ or
LEAD I Official | — i Unofficial! — f

, £ m £ £

Cash 325.5-CJ 1-6.76:326.5-7.5 i— 3.6

3 months 33S-.5 ,-B I 336 .5 -6J
Settlein'li 326.5 i— ba! - I ....-
ILS. Spot; - "85-B |

Lead— Mommg: Cash £327.00, 26.00,

25.50. three months E343.00. 42.00.

£1.50. 41.00. 40.00, 3S.50. 39.00. 3S.50.

39.00. 39.50. Mternoon: Three moceha
£339.50, 40 00. 41.00. 40.50. 40.00.

39.50. 39.00. Kerb: Three months gDAINC

£338.00, 38.00. 36.00. 35.00, 34.00. 34^0. . 1 ” **

Turnover 19.175 tonnes.

COFFEE

Year day a
Close

+ or

Business

Done

July^..~

Sept.

1252-60

1110-12

-7.5

-4.5

1260-45

1116-07

Nov

1029-30

+ 3.0

1032-23

January...

1000-02

+2.0

1004-995

Marah

977-78

+ 2.5

975-73

May.

993-56

+ 1,0

956-65

July...-

945-54

951-50

Sales: 964 (2,006) lots of 5 tonnes.
ICO Indicator prices lor July IB:
(U.S. cenu per pound): Camp, dally
1979 115 92 (115.511: 15^1ay average
117.85 (118.T7). .

; a-m.

+ or

p.m. i+ or

ZING | Official

Unofficial

-t

! £
Cash — ; 426-7

! £

— 3

£

41920

£

— 8j

3 months! 431.5-2

'-85

425-6

-7ji

S'ment...! 487

—3

Primw'ts 1 —

37-40.fi

WHEAT

Zinc— Morning: Three months £432.00,

31.00. 32.00, 31.50. Afternoon: ThrsB
months £432.00. 33.00. 31.00. 30.00.

28.00. 27.00. 26.00. 25.00. 24 00, 25.00.
Keth: Three mornhs £426.00. 25.00,
24.50. Turnover: 7,150 unties.

BARLEY

Mrith

Yttttrd'ysl

cIom

+or.

Yart'rd'ys
dose |

"tf r

Sept.

1

109.93 |

-0.35

T !

1 104.15 1

1 + 0.05

Nov_

113,66 !

■— 0.5B

108.06 !

Jan_

117.40 |

-ojb

111.50

-0.10

Mar..

120.50 ;

-0^&!

114.85

May-

124.00 j

i

-o.ffl

118.05

.

—

l • i

Alumfnm! a_m. '+ ori p.m. H* Br
J Official [ — ; Unofficial! — t

i £ i £ , £ t £

Spot- 549.5-50 -S.5 547-8 1-9 J

3 month*. 569.5-70-9 J 667 .5 j-S^S

Aluminium— Morning; Cash K60.00,
49,50 , 49.05. 49.50. three months
£572.00, 71.00. 7 0.00, 69.50. Afternoon:
.Three months £570.00.' 69.00, 68.50,
08.00, 87.00^67.50. Kerb: Three months
.£567.00, BS-off. Turnover; 6.325 tonnes.
Nickel — Mornmg: Three months £2Wp,‘
30. Afternoon: Three months £2310.
20, 15. 20. Ksrb: Throe months 0925.
Turnover: 482 tonnae.

Bug i no** done — Wheat: Sept 110.05-
109.95, Nov 113.80-113.55, Jan 117.40
only, March 120.70 only. May 124.15
only. Sales: 87 lota of 100 tonnes.
Barley: Sept 1D4.1Q-104.00. Nov 108.05.
107.9a Jen 111.50-111.40. March' 114.75
only. May 119.05-117.70. Seles: 78 lots
of 100 tOnnea.

HGCA — Locational ex-term spot
prices. Feed barley: Eaarem 98.00, E
Mids 99.00. The UK Monetary Co-
efficient lor tha week beginning Monder
July 2B (baaed on HGCA calculations
using four day*' cachango rates) is
expected to remain unchanged.

LONDON GRAINS— U S. Dark
Northern Spring No 1 14 per eent Aug
12.60. Sep( 112 20. Oci 113.59, Nov
115 .transhipment East Coast .sellers.
■English', Feed fob Sept 113.00 East
Coast sellers. Maize: french Aug 137
transhipment East Coaet. South African
Whits/Yallow Aug/ Sept 88.00 selisr,

Barley: English Feed fob July 104.50 DDI/ % C /»u a KIACC
East Coast. Sept 107 East Coast r'KIVat VanArluLb
— Rest unquoted.

sellers.

RUBBER

The London physical market opened
easier, attracted little interest through-
out the day end closed dull. Lewie
and Peat recorded an August fob price
for No. 1 HSS in Kuala Lumpur of

199.0 (199.5) coma a kg end SMR 20

173.0 (173.53.

.In. tonnes- unto* a otherwise stated.

Na. 1

J YertVys

Previous J Business

R-S.S.

| close

ofose j Done

i i

1

Sept ...I 48.6B-5Q.M 60.4040.60 —

Oct-Deci 61.M-61.Ml 51.BMU0 GLSD-BUO.
JaiHWarj 64.4M4J0; M.B6-M.S0 64.6864.70
Apl-Jna 57.20-57.SD 67JM7.4S 67.2M7JI0

Jly-Sept S9.S8-flOJ0
Oct-Dod B2.60-62.TQi
J’n-Mchl B6.1045JD
AphJne j 67 JO-67 JO!

Safes: 120 (131) lots of 15 tonnes,
nil (seme) lots ol 5 tonnes.

Physical closing prices (buyers)
were; Spot 4S.25P (<8.50p): Aug 50.7Sp
(SO.SOp): Sepr 50.75p (same).

SOYABEAN MEAL

The market opened 50p easier on
continued nearby cash pressure, reports
T..G. Roddick. Prices remained on the
defensive in a narrow trading range.

YostorcJy»4- or
Close 1 —

Business

Done

August.

Oc otter

Dec

Feb.

April

June

August.

£ |

per tonne),
12*^26 JJ-1J5
128.3B- 7XS — OJ6
1S2.H-S2.7 — 0.80
155.80-56.2 — l.Bff
157 JU-3B.0 — -0.80
1 37^0-50.01 —
157JW-41.S —

1SB.M-2t.00

129.00.2B.SD

155JXL52.4S

I5S.D0

Sates: 84 (34) lots of 100 tonnes.
SOYABEAN OIL— The market opened
unchanged and drifted on light trade
setting. Ctoring prices and. business
done (U S. S per ratine): Aug 486.
492. untraded: Oct 4S5, 486. urrtreded:
Dec 485. 486. 486-485.5: Feb 481. 482.
493-432.5: April 484. 488. umraded:
June 500. 510, un traded: Aug 505. 520,
untraded. Sales: 30 lots of 25 tonnes.

SUGAR

LONDON DAILY PRICE— Raw sugar
£119.00 (£124.00) a tonne cif July-Aug-
Sept shipment. White auger daily price
£1*6.00 (El 54 .00).

The market was immediately offered
down at the opening and remained
under pressure throughout the day,
reports C. Czamikow.

No. 4 Yesterday!
Can- l close
tract <

Previous

close

Business

done

4 B per tonne

Aug — l&.W' 124.00-24^0' I24JN-14.0Q

Oet 120^5- 20.70i IS 1.B0.SU5' 1S2.B0-MJM

•Ian 124.00-27.MilHB.IHMBJM;UOJW

March 152.05- 52J6 142^5 4Z.4ttl42JB.32.00
May.. J IS5 JO 145.0IM5.40! 1415548.00

Aug.,.^ 1 1 S9.01M8.BO 146 JB-B 1 JO 145.00-44 JO
Oct^_ 1 143J5-44.00! 152.753 JO j -

Sales: 4,217 (4,057) leu of 50 tonnes.
Tate and Lyle defivny price far
granulated basis white auger wee
£405.90 (seme) a tonne far home trade
end £225.50 (£231.00) far export.

IntorartMma! Sugar Agreement (U.S.
cents per pound) fob end stowed
Caribbean porta. Prices for July 16:
Daily price 8.60 (same); 15-<Say average
7.91 (7.79).

WOOL FUTURES

LONDON NEW ZEALAND CROSS-
BREDS— Close' in order buyer, seller,
business). Nbw Zeafand cones per *g,
Aug 369..380. nfl: Qet 390, 394, 392-
391: Doc 400. 4C4. 401-400: Jan 40V,
407, 402-401: Man* 413. 418, 413; May
434, 428 ml; Aug 43S. 440. 438-435:
Oet 436. 442, 437; Dec 438. 444, 439;
Jan 438. 448. 441-440. Sales: 25.

SYDNEY GREASY WOOL— Close (in
order: buyer, seller,. " business).

Australian cents per kg. July 559.0,
559.9, 559.9-558,9; Oct 517.0. 618.0.
517.0: Dec 521.0. 521.0. 521.0-520.0;
Mar 528.0, 529.0. 5280: May 6310,
533.0, 631. 0*630.0: July B39 0. 640.0.
uniredod; Oct 536.0. 537.0. untraded:
Dec 538.0. 540.0. untraded. Sales: 49.

COTTON .

LfVERPOOL-^-Ne spot Of shipment
Bales were registered. The week
started disappointingly, with little
interest displayed by customers,
although the major spinning centres

July IB
1B82

+ or

Month

ago

Metals

Aluminium

£810/816

£81B;ai5

Free Mkt-...

9950/980

—IB

9880/910

63.9B-S0JO 69.60-&9J0
62.79 -62J0 -

69 JO-86 JO 86.10
68J0-BHJ0! —

Copper.

Cash h grade™ (£839.3 ^S.76^690.25

3 mths S8M.7B L-S [£711.75

Cash CathodeJJ815 -5 £6B6.50

amthe..^.._3aa3S.5 — 4.5 £705.80
Gold troy oz.._ 8347.5 +2.5 8285

Lead Cash JM 387 -3.6

3 mths. LES39.26 ,—3.6 £298.5

Nickel >.£4080 ... £3932

Free mkt i838i258c — a lzS6;26€c

Platln'mtr cz'jrfiaeo
Freamkt.-...: £169.25
Quiokellverf ...;S360:370
Silver troy oz.- 376.00/)

3 mths:.-. _'386.80p

Tin Cush |£6405

3 mths £6585

Tungeten22J1bi 8109.48

WolfrmZ2.4|0ba l 81T3f11B

Zinc Cash... (£419.5

3 mths £425.5

Producers. ...IfQOO

Oils I

Coconut IPhll) i8475x

Groundnut S565v

Linseed CrudoK353
Palm Malayan |84lOz
Sooda I

Copra Ph Bp — 8320v
Soyabean (IL8 j| »87
Grains

Barley Fut. NovklOSJJB

Malta j£137w

Wheat FutNovU: 113.55
NoJHanJWint] ;

Other i

commodities
Cocoa shlp’t* [£B 02
Future Sept,£a6&5
Coffee Ft’ Septtf 1111
Cotton A.lndexr
Gas Oil Aug„...

Rubber Wlc)...

Sugar (Raw)

Woatt'psB4cM.

...'£260

-0.26jfil41.15

IS370f500

+4J&285.10p
+ 4.761294 JJOp
—2251316295
-190 £63 67. 3
_.i8110.9B

!._ IS11S-l!fl

1.5 (£370.5
1—7.5 So 73.5
IS800

+3

1-5

+ 2.5

+5

— O.D

8490

6575

8366

8477^

8330

1256.5

artfi:

104.45

(£137.00

107.80

-30

-30

!-5J

+0J&i46p

1-6

178.70c
*273:75
40.25p
£112vy . _

386p MIol

t Unquoted, x Aug-Sept. v July- Aug
wAug. y Sept, t Per 16 lb flask
'Ghana cocoa, n Nomin&fc

_ £878.5
1.5 j£l,134
^4.75o
| £276

£96

3&8pkl|o

—INDICES—

FINANCIAL TIMES

July 16JnIy lSjM'th ago

Y'arago

235.24 j235.36 1.292.74

282.75

(Base: July 1 1952 - 100)

REUTERS

JutY 17 1 July l6i M‘th agoj yar ago

1567,6! 1S74.1 I 149q6 | 1703 .6
(Base: September 18 1331 100)

MOODY'S

July 16( July 15|M*th agolY'arago

1 003.0 IM 6.0 ! 964 J 1 1068 J
(December 31 1831 — 100)

DOWfONES .

Dow '
Jones 1

July

IB

July J
15 j

Month

ago

Year

ago

Spot 1126.59
Futr's |127.59

lfiWal

126.13|

11942

117.14

_

{Base: December 31 1374 * 100)

were back from thefr holidays. Minimal
acnvirjr was in, evldmcs; end enly
occasional inquiry was received,
usually for Middle Eastern growths.

JUTE

' JUTE— c and f Dundee 8WC £2fio,
BWD £229, 0TB £337. BTC £266. BTD
£232; c and 1 Amwflrp BWC E263. BWD
£233. BTB £300.. BTC £270.. BTD £236:
c and l Dundee Aug 40" to 10 oz
610 92. 40 In 7S oz £3.38;' B Twills
£32.68.

tea auctions

LONDON TEA AUCTION-^. 178
- packages were on offer at yesterday's
auction, including 2,480 . packages of
offshore teas. A strong' demand pre-
vailed. Bright liquoring Ea«; Africans
met keen compaction arid, generally
put on 2-4p. white niediiim's-remsined
tolly firm. Cantrel African CTCs also
-sold readily and often- -advanced. The.'
Ust Bangladesh teas of the old

AMERICAN MARKETS

NEW YORK, July -IB.
The precious metals and copper cam*
under pressure on the leek of reaction
to Prime Rate cuts. Sugar continued
under pressure on heavy commission ,
house liquidation. Disappointment with
the ICCO meeting forced aggressive
seling in cocoa. Co if bo came under
presauia from trade selling. * Cotton'
sold off on the lack ofloraign demand,'
reported Hemoltf. . .

tTCocoa — July 130* (1339). Sept
1344 (1399). Dee 1411, March 1489, May
1543. July 1586, Sept 1629. Seles: 4.380.

Coffee— "C." Contract: July 137.65-
137.85 (138.32). - Sept 124.15-124.30

(124.98). Dec 117.30-117:35, March

113.00, May 108.50-708.75. July 107.00-
107,25, Sept 105.00-106.00. Dec 105.00-

106.01. Sates: 676.

•Gold— July 345.1 (348.9), Aug 346.0-
■ 247.0 (351.5), Sept 360.3, Oct 353.0-

354.6, Dec 381.0-382.5, Fob 369.6. April
377.5. June 38S.5, Aug 393.0. Oct
401.9, Dec 410.3, Feb 418 J, April

427.4. Sales: 30,000.

Heating Oil (cents per U.S. gallon)—
Aug 6.60-88 85 (91.52), Sept 88.20-
88.51 (91.15). Oct 88.48; Nov 89.75-
89 J5. Oec 90.35-90.80, Jan 90.00. Feb
90.55, March 90.00. April -88.90. May
88.50-80.00.

■Platinum— July ffl5.8 (294.2). Oct

294.0- 298.0 (302.7). Jan 303.5, April

311.7. July 319.6. Sales: 1,466.

Potatoes (round whited)— Nov 72.4-

73.5 f72.0)i. Feb 72.0-72 5 (72.5),

March 88.5, April. 96.0-96.2. Sales;
364.

eSilvw— July 849.8 (BG0.5). August

651.5 (B53.0), Sept 669-0-661.0, Dec

683.0- 685.0, Jan 891.4. March 707.4.
May 723,4, July 739.4. Sept 755.4.:
Dec 779.4, Jan 787.4, March 603.4, May

919.4. Hendy and Kerman bullion
spit 651.00 (840.00). Soles: 4,000.

Sugar— No. 11: Sent 8.10-8.11 (8.94).
Oct 8.26-8 JO (8.95).. Jen 8.93, March
9.33, May 9.65. July 8.83, Sept 10.13.

Oct 10.23. Sain: 8A34.

■ Tin— 620.00-528.00 (530.00^38.00).

CHICAGO. July 19.
Land— Chicago loose 22.50 (same).
Lhra Cattle— August .84^9-64.50
(64.80), Oct 82.90-63.00 (83.35), Dm
82 -85-62.75. Feb 61.80-81 85. April
B1.70-BT.es, June 82-40, August 62.0a
Live Hogs— July 61.05-81.10, August
59.15-59.30. Oct 58.6S-58.75. Dec 5835-
5&»,- -Fob 53.95-54.00, April 80.»,
June 51.40, Jutyq 51.16, August 49.90.

» Maize— July 268*1-289 (273), Sept
202V26Z*. VfflXf, Dec 260V260V.

■ March 274V275. May , 2834-294. July

289N-290

Pork Betites— July 76.50-75.90

S 35). August 73 30-73.10 (7435).

71,95-72.40, March 71.70-71.07,
May 89.80-6a.2D. July 83 “0-70.00,
August 68.50.

tSoyabea na— July 616 (625!i), Aug
615-615*. (823*,).' Sept B12-6T2V No*
014-6144. Jan 829V829V. March
May 658. July 669. Aug 673.

H Soyabean Meal— July 1B0.5 (1828),
Aug 179.3-179.1 (181.5). Sept 178.5, ■
Oct 178.2. Dae 182 3-182.5, Jan 186.0.
March 1 88.5-189 .0. May 1S3.5-194J0.
July 197,0-198.0.

Soyabsan Oil— July 18.57 (18.73),
Aug 18.52-18.53 (18-74), Sapc 18 82.
Oct 18.73, Dac 19.02, Jan 19.25. Mirck
19.63. , May 19.98. July 20.15-20.16.

tWhoat — July 338*4 (342). Sept 350V
350«» (3534.). Dac 372» 4 -372»i. 1 March
388V388Y May 398V. July 398:

WINNIPEG. July H.
{Barley — July 123.9 (123.9). Oet 114.8
(115.9), Dac 116.8, March 122.0. Mrt
122.7.

• All cents per pound ex-warehouM
unless otherwise stated. "$ per tray
ounce. 1 Cents per troy ounce.

# Cento per 58-lb bushel; Cents
per 60-lb bushel. |j $ per short «"

• f 2.000 lb). § 5Can. per metric' ton.
55* per 1.000 so ft. t Cents pw
dozen. ttS per metric tori.

EUROPEAN MARKETS

ROTTERDAM, July 19.
Wheafr~(U.S.' S per tonne): U.S.
No. 2 Red Winter July 146. U.S. No. 3
Amber Durum Aug 172, Sept 175. Oct
179. Npv 183, Dec 187. U.S. No. 2
Northern - Spring. 14 per. centj Aug
176.50, Sept -177, Oct 180. Nov 182.
Canadian Western Re Spring spot 191,
Sect 193, Oct 196, Nov 202.

Soyabeans— (U.S. * per tonne): U.S.
No. 2 Yellow Gulfport* Aug 251.50,
Sept 251.75. Oct 244.75, Nov 244.75.
Dec 249.25, Jan 255.50, Feb 280.50,
March 263.50. April 266.60 sellers.

SajmMsi — (U.S. S per tonne): 44 par
cunt afloat 202, July 2ld, Aug 212. Sept.

217. Oct 219. Nov/March 228 Milan.
Peltate Brasil afloat 218, July 21ft
mid -July /mid -Aug 218.50. Aug 21B.
Sept 223.50, Oct 229. Nov/March 344
Milan.

PARIS, July -19-

Cocoa — (FFr per 100 kg)t July 1010
asked. Sept 1038-1033, Dee 1091-1100.
March 1137-1150, May 1170-1184. July
1225 asked. Sept 1260 -a eked,' Sales
at call: 3.

Sugar — (FFr per tonne): Oct-1615-.
1920, Nov 1610-1620. Dec 1600-1613.
March 1680-1685, May 1740 aaked. July
1770 asked. Aug 1765 asked,- Oct 1820
asked. Sales at ceil: 14.

season, came In for much improved
demand, 6-8p higher. Gayiona opened
strongly at firm rates put plainer types
closed lower. Offshore teas were well
supported flpd brighter typos landed
dearer. .Quotations: quatiff 126p a kg
(126p). medium MOp a .kg (109p),
plain no' quonmon (no quotation).

POTATOES

LONDON POTATO .FUTURES— Rising
prices » h .a thin .market triggered stop- -
toss buying. - purring ah pashtom
sharply higher, which armored fresh'
selling to trimt he gefne, -reports Coley
and Harper. Owing prices: Nov S8.90,
+3.00 (high 59.90, taw 55.00); Feb
6S.C0, +1.90 (high 85.50, low 83.10);
April 73.10. +Z.10 . (high 74,00. taw
70.30); May -89.40, +3.80 (high W.50.
taw 79.00); NoY- 86.10. +2.W, un-
traded. ' Turnover: '458 (296) tote of 40
tomes.

ESSO: lemon aoles (large) £9.50.
(medium) '£8.00: roekflsh n^O-E2.oa.
■aithe E1.40-E1.80.

MEAT/FISH

SMITHF1ELD— Pence per pound - . Beef:
Scotch killed sides -78. T- to 83.0; Ulster
hindquarters 82,0 to 54.0, foteguarters
59.3 to 61.3. Veal: Dutch Hinds and
Ends 118-0 to 1230.' Lamb: 'English ■
email 56.7 to 64:0. 'medium 57 JO w 62.0.
heavy 50.0 to S4Xh Scotch heavy 50.0
to 52.0; Imported— No w Zeland PL M.3"
to 52.0; imparted^-NewZsdland'n. 51,3
81.0. YL 00.0 to 61,0. POrfc. English.'
under iQO.Ib 35.0. to- 53 J. 100-120 lb
42.0 to 52.0. 120-180 lb 40.7 to 49.3.

MEAT COMMISSION— Average 1st-
stock prices at reprasenntive markets.
GB — CatOa lOO.Up por kg.lw (-0.8?). •
GB— Sheep 127.83p per kg '•*) dew
( — 10 23). GB-Pjg* 70^»p' dir kg
lw (-1.87). . .

GRIMSBY FISH — Supply good,
demand good. Prices, at ship's side.
(unprocessed) atone: slielf .cod

£500-05.60. codlings £3JBO-«.Kk large
taddgck £4.30.£4.go, mediiira ' £3 40-
K.30. smalt n.4O-£2J0: ' large tHak»
E4.60-SS.6Q,' medium f3.50-ffi.40; best
smsU C2.50-C4.4O: eUnned ’dogfish
(targe) C9.00-cn.00. (medium) O-SO-

Australian wool

forecast

maintained

SYDNEY — The Wool Pro-
duction Forecasting Committee
said it estimated Australian
wool output at 708.8m .Kilos
greasy in the 1882-83 season to
June 30, tittle changed from its
preliminary ' estimate - made
May. of 712m kilos.

The.latesrt forecast comprises
652.7m kilos shorn . ,wot»I
(654.0ml and 56.2m kilos dead
and fell-mongercd wool (58m).

Reviewing the .19SX-S2 season,
the committee said, production
was higher than expected at
710J3m kilos.

In May, the committee had
seen 1981-82 production total 1
Eng 693.3m kilos but a spokes-
man said the lack of autumn
and winter rain In northern
New South Wales and Queedfr

■land had. allowed uninterrupted

shearing to increase, deliveries
to store.

• The 19S1-28 season total conr
prised 655.9m kilos, shorn wow
and . ,54.9m . dead and- . feu
mosgered.

Reuter

t

Financial Tiroes i

Gamine* awl Markets

INTERNATIONAL COMPANIES and FINANCE

h * ?.

Mortons

TS

and Thiokol
to merge

ayPwdTtqrlorfhNewYeHc.

MOBTON-NORWH, the U.S.

salt sod household g#ods
: ma &af actarer, aod . \TbiokoI,
tiie dhemacals aad rocket pro-
polswn systems company, are
ta merge to' £onn .Ifertao-
Thiokoi, mt£ arm na-l sales of
$3bn.

Mortoj>NoPv»kii jg casb-rtch
following .. the : safe.. of its
poaranaceuticals division to
■ Procter and . Gamble earlier

this year. - It isAQaiaog a cash
tender offer of $50 a share
' for 5.7m common 'shares in
Thiokol, which will give it
a 40.5 per- cent;: Mafce for
$285m. ■

• '/'.-■As part of a series of other
sharis deals, Morton-Norwich
will make a tender offer for
at least $70m of , its common,
-a stock. _

This he to be foBowedby a mecr-
. V 4 ger of ISeoIooI and a snb-
. ! - « - e«fiary of Morton-Norvrioh in
r •!• which Thio&oi shareholders
.. ~ wifi be offered -shares' in
Mortcn-N orwich hi return for
their own oornmon stock.

. Under the provision of the

- agreement, which has- to be
•• . approved..', by dimshoJdere

meeting of both companies in
v ‘.“ September, the new co mpan y
wiB also havfr titeoption to
boy up to Im additional
■ shares of Us common stock. -

MortoD»Norvredi has been look-
ing for a posable merger or
purchase sauce it completed
the sale of. Norwich-Eaten
Pharmaceuticals for $37 Xm to
-■ .. Procter and Gamble last

month. That mov& triggered
' a row wHb RhooePoulene,

which was eventually re-

- solved by the iYenoh.com-

- pany seflimg its 20-3 per cent

... stake in Mortem, bank to the

. 7. ? ; company for $13.W .

:P_ - The balance .of these . trans-
' * £ . action* tapped up-inth-same

w short-term, borrowa®, wifi

-v z+ finance Morton-N orwich’s side

of the merger.

- Mr Charles Locke/cJjairmairand

chief executive of Morton-
Norwidh, will became chair-
— ■ -- man and chief executive of

* Mortozh-llnaknL Mr Bobect
Davis, chairman and .chief
executive of Thiokol, wiH be-
come president and chief
yi "l ■ operating officer.

Hie 5 two'inen yesterday said the
. i company mxdd be a market
. ; ».»» leader in specialty chemicals,
sah -and household products
4? and high technology pnopui-
si on systems.

.. . 33-

- It. would be the world’s largest
:. - manufacturer of solid fad

?r r rocket motors for such pro-
jects as the U.S. space shuttle,
the Trident missile and the
MX missile.,

Morton Salt is a brand leader
. with sales last year of $320m.

IBM to raise $500m as
U.S. bond rates ease

BY DAVID LASOBjLES M NEW YORK

■fte giant coahputer
company, yesterday joaned the
<fas^ -lengthening lost bf com-
panies bopai^ to seH deft, as
the bond market strengthens.

The company plans to issue
5500m of 25-year , convertible
stAordraated- debentures wfefcb
will be co-managed by Satomon
Brothers and Merrill Lynch-
White Weld Capital Markets
Group. The proceeds wiS be
used to finance construction of
facilities and for rental oqibp-
manti

The issue adds to the already
ecormoue overiiang of proposed
'debt offerings on Watt Street,
many of which belong to the so-

called “ shelf registration ”
category which can be brought

to market any time. .

According to the latest listing
by 'Moody's weekly bond survey,
known shelf issues total $lL3bn.
These issues will not ail come
at once— borrowers have 19 to
.two years to bring them to
! market from the daze of registra-
tion. Bat dealers say the know-
ledge that harrowing of tins
proportion is waiting on the
sidelines is bound to have an
affect op the bond market.

The issues include $lbn by
- Dupont, the chemical company
which needs to refinance last
year's $8Bbn acquisition of
Conoco. Other large filings are

by Bank of America ($400m),
Citicorp ($5000m), General
Motors Acceptance ($500m).
Manufacturers Hanover ( $500m ) .
Merrill Lynch (9300m), Soldo
<$500 ml and Xerox ($300m). -

Two foreign corporations have
Also filed shelf registrations
NafWset of the UK ($250m) and
Swedish Export Development
$500m>.

Many of these Issuers are
watching out for the long-
awaited “ window ” when bond
rates come down. However,
analysts have warned that there
will be such a rush once it opens
that it could slam shut quite

Good first half for Burroughs

BY PAUL BETTS M NEW YORK

BURROUGHS, the large com-
puter and business equipment
manufacturer, which has size-,
ably res t r u c tu red its operations
since Mr WiBiam Hhuaenthal,
the farmer Treasiny Secretary,
took charge as chairman, yester-
day reported higher second
quarter and first half earnings.

Second quarter earnings ad-
vanced 16.6 per cent,- from
«EL3m to S3&5m, lifting net
profits for the first half by 19
Per cent, from $53. 6m to $63. 6m/
Per share earnings were $L5l
against $L29 for the half-year
with 88 cents against 75 cents

coming: in the latest three
months.

'.The company also said second
quarter earnings were reduced
by 15 per cent because of new
foreign currency translation
accounting procedures.

• Company revenues were also
higher, totalling $L0fibn in the
second quarter, compared with
$834.6m in the corresponding
period last year. First half re-
venues were $2.05bn compared
with $L59bn in 1981.

.The company said towwwing
orders had inq>roved by 14 per
cent in the latest period com-

pared to the second quarter last
year and totalled more than
Sibil- The company added that
it had reduced its debt by $S 2 m
and $122m in the second quar-
ter and first half respectively.

Mr Btamenthal said he ex-
pected the company to continue
to show improvement in its per-
formance, during the rest of the
year. But he warned that this
improvement would hinge in
large measure on the general in-
ternational economic picture
and on the impact of foreign
currency exchange rates.

Write-offs push Armco into red

BY OUR MEW YORK SHARP

ARMCO, the fifth hargeet U.S.
steel company, reported yester-
day it has written off- $118sn
In the second quarter of this
year to cover curtaflonent of its
steehnakang activities -and
redundancies.

The writeoff translated into
$63 .9m after tax, and has forced
the company into.the red for 1he :
quarter to the tune of $57. 4m,

or‘90 cents a share, compared
to a profit of $85 .5m or $1.49.

Without the write-off, Armco
would have made a modest
operating . profit of $6.5m or
0.9 cents a share.' Sales were'
SL46bn compared to $L73bn.

In a strikin^y ^oomy assess-
ment, Mr Harry Holiday, chair-
man, said the recession had
been longer and deeper than
expected. “Therefore, there is

no solid evidence- that the
second half of tins year will
bring an economic recovery."

Armco has already decided
(to slash its proposed $740m
capital outiays this year by
more than halt

The latest quarter's results
bring Annco's .first half loss to
$30.7m or 64 cents a share
compared to a profit of $157^m
or $2.74 a share last year.

Reynolds Metals back in Mack

- .v

mi-

BY OUK HNANOJUL SUMY

REYNOLDS.. METALS, the;
second largest aluminium pro-
ducer in the U&, bounced ba^;
into the Wack in the - second ■
quarter after first quarter losses,
bait its earnings were still
nearly 54 per cent lower' than
the stone period last year.7
At the operating net level,
Reynolds turned in proflts of
$20£m or $1-05 a share against
$45 or $2.33 a sham, Fully '
diluted earnings. were 98 cents
a share against $2.11. Sales were
15 per cent lower at $805.4m
against $950 .2m, while ship-

ments &11 to 266j000 tons from
315,000 tons. ’

' This brought an operating net
profit of just $7.7m or 35 cents
a share in the first half com-
pared with $783m or $4,035, on
sales of $lJ>3bn against $1.79bn.
First half earnings folly diluted
were 35 cents a share against
$3.«4. • -

The modest second quarter
profits follow a deficit of $13-2m
.or 70 cents a share in the first
'quarter on sales 13 per cent
lower at $733m-
Thao year’s second quarter

figures include a foreign cur-
rency translation gain of $15.6m
against $16.7m last year, and a
first half gain of $l&3m against
$25. 5m.

The second quarter also
indudes a gain of' $1 6.5m
against $500,000 from Iifo
stocks adjustment.

The first half figures exclude,
hoWever. a $26.8m gain from
the cumulative effect of
accounting changes on capital-
ising interest, and an extra-
ordinary jea in of $4.Gm from the
exchange of stock for debt

Luxembourg
clarifies
position on
Ambrosiano

By William HaH,

Banking Correspondent •

THE Luxembourg banking
authorities have declared
they , have no rcsponsibilty
for the affairs, of Banco
Ambrosiano Holding (BAH),
the Luxembourg subsidiary
of . Italy’s troubled Ambro-
siano group.

Dr - Pierre Jaaos, Luxem-
bourg’s banking commissi oner,
said yesterday that as Banco
Ambrosiano Holding was a
Luxembourg holding company
and not' a bank, bis . depart-
ment bad no supervisory re-
sponsibilities over' it How-
ever, he: said that he was fol-
lowing events with interest,
since several Luxembourg
banks had lent money to the
Company-

Last -week several Inter-
national banks called their
loans to Banco Ambosiano
Holding - into default, follow-
ing its failure to meet a SlOm
Interest and principal repay-
ment. Banco Ambrosiano. the
Italian parent Is being
rescued by six Italian banks,
but It is not clear whether
they wUl extend their support
to Us' overseas operations.

The affair is causing con-
cern among * International
banks and central banks,
since it has . raised serious
questions about the effective-
ness of the Basle Concordat —
the agreement between central
banks about the' allocation of
supervisory responsible ties
when a bank runs into
difficulties. The matter is
complicated because the
Luxembourg operation Is not
thank.

Under the Ca$le Concordat
the host authority, to the case
of BAH Luxembourg, has
“primary responsibility. .*• for
foreign subsidiaries but the
parent also has a “moral com-
mitment.* Many . observers
believe that the Italian rescue
of Banco Ambrosiano should
extend to Its foreign opera-
tions. .

Amca. lifts bid
for Giddings

By Our financial Staff

AMCA . INTERNATIONAL,
the diversified Industrial
company. Is raising its offer
for Giddings and Lewis, a
Wisconsin-based machine tool
group, from, $25 to $30 a
share. The - Giddings board
recommends acceptance of the
told, which values the com-
pany at $31 5m.

Amca, formerly known as
Domirfon Bridge and the
Canadian Pacific group's
fastest growing affiliate over
the past five years, already
owns about 4.7 per cent of
the 10.5m - outstanding
Giddings shares and has an
option to buy up to L92m
shares at $30.

Amca earned $70 An or
S2.56 a share on revenues of
$L57bn last year.

.t

C.K.

i>

NORTH AMERICAN QUARTERLY RESULTS

TS

! 'i l

-10

il "

I

i\i

, ; iii'jl

; AMALGAMATED SUGAR'

1 ETHYL CORP.

> Seoond quarter

1982

*-

■OBI

S

Second quarter

1982

s

417.6m

1981

* . .

453.4m

Net profits

27 An

24 An

2-33

4.86

Net per Share

1-39

1.24

Six months
Revenuo —

179m

196m

8 be months

Revsnus_

820.3m

45m

2.25

878.6m
45. Bm
2-30

N« profits

N« pec a ha re

ltiM

■ 6.9m
4.91

■ T7m
8A1

Net profits ...............

Net par share

BANDAG

1 FIRST CHARTER FtNANCIAL

1982
_ S

1981

S

74.3 m
7.7m

. Seoond quarter

1982

5

263m

. ran
*

243.9m

Net profits

7.3m

Nei profit*

Net per share

17.9mt

O-BOt

13.5mt

0.451

Six months

T42.8m

143.2m

53x months

Revenue_.

518 Jm
35.9mt
t~2Dt

485 m

0.391

Net profits

Not per share

—

14J2m

1.18

14 -2m
1.17

Net per 'share ....:

BANK OF NEW YORK . .

Second quarter

1982

9

081 1
S

Second quarter

Net profits

S

31.1m

1

53.7m

1881
s ■

32.1m

1 06

64.2m

Nat per share

• ■ Six months

2.49

343m

1.76

Sfac months

Net profits

430

3.38 !

_ _

I FIRST NATIONAL BOSTON COBP.

BAYBANKS INC.

1S32

1981

1982

S ■

OBI

' • S

■ ffffioorwf qiawtar

S

tom

S

Net profile

Net par share

7.58m

1.18

7.09m
. 1.11

Net per share

Six months

1.45

54.2m

1.S1

56.7m

.Net profits —

14. 07m

td.59m

Met per share

2.83

3

1 FRUEHALF CORPORATION

BUTLER MANUFACTURING - |

1982

1981

Second quarter

1982

$

1981

S

112.3m

Second quarter
Revenue

$

495.8m

7.2mt

S

590 8m

4.4m

o.sst

0.62

, Net per share

Six months

Revenue

Net profits

0.83

204.1m

3.8m

0.80

ISBjSm
■ 9m

Six months

-Revenue

Net profits

Net per shore

977.4m

17-9mt

1.481“

1.12bn

12.7m

1.0*

Net par eharo ... ....

GENERAL SIGNAL

CENTRAL AND SOU7>f WLaif

COBP.

1S82

«K‘

1982

1961

Second quarter

S

432m

436.4m

29.4m

28.8m

Not profits

...

39.43m

0-40

39.85m
. 0.42

'Net per share

Six months

1.06

1.02

_ Six months

Revenue

8G5An
58 An

K7m

S7.3m

83 -63m

82.18m

Net per share

2.11

207

Net per shite

0.87

087

- W. W. . GRAINGER

COMMUNICATIONS'

SATEUJTE

Second quarter

Revenue

Net profits •

1982

1981

Second quarter

1982

S-

457m

1861

S .

377 Jm

211.5m

tSAn

230.9m
14. 5m

10.8m

6.1m

Net per shore

1.3$

0.77

Six months

Six months

T94.4m

i»5m

Revenue

Nat proflte

23.3m

23.7m

Net per share

2.64

1.81

Net ner shore

CONTINENTAL TELECOM

IMPERIAL CORPORATION Or AMERICA

Seoond quarter

1882

S

45 7m

1961

S

377 3m

Second quarter
Revenue

IWH

S

■

■ s •

210m

38.1 nr

3A3m

Net PWfi»

0.79t O.CSt

281m 409m

-24.5m 125.0001
. 1.721 0.01

Net per ahais...'.-..-L<
Six months

Revenue ......

Net profit*

...

ora'

888m

73.3m

0.57

733.8m

65.4m

Net per fbete

Six months

Revenue

Net profits

CRANE

V*

HOPPERS

Second quarter

. 1982 11
9

1981

S

Second quarter

1982

f

443.4m

1981

S

7.6m

18.1m

<L32t

1 45

Net per ahaw

0^0

0.5f

Six months

Six months

798.7m

98* -3m

Nat profit*

Not o#r ihare . ...

2.4m

0.2*

25.3m

2.41

Not profit* ... .. ■

Net per there

3.1mt

Otol

12.4m

031

LI BBEY-OWENS-FORD

Second quarter

Revenue

Net. .profits

Net per share

Sbt months

Net- profits

Net per share

1982

S

.... 290.8m
9.1m
0.71

7 9m
.... 0.49

1981

S

341 Jm
17.9m
1.51

tom

2.13

McGRAW HILL .

1982

1981

Second quarter

. S

■S

Revenue

259.5m

NeT;profii*

.... 24.09m

21.7m

Met- par shara

0.3B

. 0.87

Six months

Net profits

.... 44.2m

39.2m'

Net per sirs re

1.77

1.58

McLEAN TRUCKING

1981-2

1080-1

Fourth quarter

- ' -S

S

Revenue ....:

134 2m

153.2m

'Net profits

.... 1.3ml

230,000

-Nat per sham

.... 0-23t

0.0*

12 months

Net profits

13.4mt

SJbni

Net per share

.... 2.381

0.92t

{- NASHUA- CORPORATION

1982

1981

Seoond quarter

S

5

Revenue

.. . 169.4m

171 An

Nat prohte

... 223.000

6.4m

Net per share

0 05

1.38'

Sbt months

Not profits . ...

.... 1.4m

■11

Net per share .. .

0.30

239

| NATIONALIST ANDARD.

1981-821980*1 1

Third quarter

S

S

Revenue

- 59 3m

79 9m

Net profits

... t3.44m

7.26m

Nei per sfiere

.... tore

0.55

Nine months

.. f€.24m

Net profits

5 79m

Net per share . . .

... tl-53

1 41

NORTH AMBMCAN

COAL

. 1982

1981

Second quarter

9

S

Revenue

119.1m

'70.0m

Net profits

6.1m

tl.fiffl ■

Net per ehare

185

10.47

Six months

Revenue

...249.7m

193.6m

Net profits

... 13.2m

431.000

Net per share _ . .

3.97

0.13

PABST BREWING .

1982

1981

Second quarter

S

• S

Revenue

... 21B.9m

245.1m

Net profits

-.371.0001

3.5m

Net per ihare

o.o*t

039

Six months

Revenue

..395 2m

419 9m

Net otofir*

1 2m

1 4m

Net per ohare . ..

0.15

0 17

PACIFIC LIGHTING ]

1982

1981

Second quarter

S

S

Revenue -

... 1.01 bn

803 9m

Net proflu

... 32.48m

32.12m

Net per ihare

1.21

1.3

She months

. •

Revenue

... Z18bn

1.5»n

Net prefits

... 81.35m

71.27m

Net Pbr share

.2JZ9

2.78

POTLATCH CORP

1882

1981

. Second q - wtor

$

%

Revenue

... 205.7m

238 4m

Net profit*

... 8.13m

12.68 m

Net per xhorn 0-38

aea

Six months 1

Revenus

406 An

44*£ffl

Net profile

... 12.91m

20.82m

Nat per ihare -

... 0.52

1.12

PPG INDUSTRIES

•-

1382

1381

Second quarter

S

S

Revenue

882.1m

892.9m

Net profits

45.7m

64 5m

Net per shore

1.33-

1.93

Six months

Revenue

1 6bn

1.7bn

Wet profits

68 8m

119.8m

Net per ahara "

2.04

3.58

RAINIER BANCORP

1982

1981

. Second quarter

S

S

Not profits

8.6m

11.3m

Net per share

0.91

1.21

Six months

Net profits

17.4m

21.1m

Net per share

1.84

2-25

RAYTHEON

138*

1981

Second quarter

5

S

Revenue

i.42be

1 42 bn

Net profits

8S.8m

84 0m

Nan per sham ...:

102

1.00

Six month*

.Revenue

2.84 bn

?73bn

Net profits

165.2m

157.2m

Net per share

1.98

1.88

SCOVILL

W82

1981

- Second quarter

X

S

Revenue

174.7m

212.5m

Net profits

3.4m

9m

Net per share . ._. . ..

0.36

1 05

Six months

.Revenue

348m

414 5m

Net profits

5.3m

10 3m

Net par share

056

1.B7

SHERW/rrU WILLIAMS

1982

1981

Second quarter

$ -

S

523.3m

399 1m

Net profile

18m

14.6m

Net pei share

1.75

1.45

Six months

Revenue

925.8m

707.3m

Net profit!

19m

16 4m

Net par share

1.83

l. SO

SOUTHERN CALIFORNIA EDISON

1882

1981

Second quarter

S

S

Revenue

I.OSbn

SS3 Bm

Net ptoflis

106.3m

96.9m

Net per share

1.15

1 13

Six months

Revenue

2.iBbn

f 3bn

Not profit*

2161m

180. lm

Net per share

2.33

2.14

SOUTHERN PACIFIC

1882

1981

Seoond quarter

S

S

Revenue

783 9m

855 6m

Net profits

28 5m

45 2m

Net pe* ihere *

1.03

1.67

Six month*

Revenue

1.58 bn

1 63 bn

Net profit* ..

31,6m

69.2m

Net per share

1 14

2.56 .

COtlTHWEST FLORIDA

BANKS

1982

1981

Second quarter

S

S ;

Net profit?

3.84n>

3 70m .

Net per ihare

0.53.

0.52

Six month*

Net profits

7.37m

7.29m

Net per ahara

1.01

1.08

TEXAS COMMERCE HANDSHAKES j

TRANE CO

SnwkI quarter

Revenue

Nei profits

Net per shore

Six months

Revenue

Net profits

Net per share

1982 1981

S S
211.7m 210m

101m 11.3m
0.99 1.11

404 7m 403.5m
1 7.9m 17,Sm

T.73 1.76

TYLER CORPORATION

Second quarter

Revenue ......

'Net profits

Net per share

Six months

Revenue

Net profits

Net per share

1982 1981

S S
221 .6m 187 6m
3.4m 8.1m

0.38 0.85

429 0m 327.0m
3.44m 12.9m

0.37 1.37

U.S. BANCORP

1962

1981

Second quarter

S

S

Net profits

15.4m

18.5m

Net per share ,....

0.8S

0.92

Six months

Net profits ...

28 4m

33 7m

Net per share . .

. 1.58

1.88

VALLEY NATIONAL

Second quarter

Nei profits

Net per share-.. ..
Six months

Net profits

Net per share .. ..

1982 1981

s s

II.Bfim 1 4.60m
0.70 0.87

23.13m » 11*
• 1.37 1 80

VIRGINIA NATIONAL BANK SHARES

- 1982 1981

Second quarter S S

Net 'profit B.15m 7.64m

Net per share 1 10 1.07

Six months

Not profits 15.5m 14.8m

NBt per share 2.11 2.08

—“^TVftN NORTH AMERICAN

1982 1981

Second quarter S t

Revenue 178 9m 17B5m

Net profit# 18m E.9m

Net per share 0.42 0.58

She months - -

Revenue 374.9m 338 7m

Net profits 40.5m 47 1m

Net par share 0.92 1 .06

{ WESTERN PACIFIC ' '

1982 1981

Second queiter ' S 5 1

Revenue 44 Bm 4«.Sm

Net profits 1705,000 2.2m

Six months - -

Revenue 90.9m 93.8rh

Net profit* 293.000 1385,000

Net per sham 021 — -

Second quarter
Mat profits
Net per share •

She months

.Net profits

Net par ahem

1882 1881

S 9
42.4m 35. Sm
• 1.35 1.18

83.Bm 89 1m

187 2J4

WESTERN UNION

Second quarter

Revenue

Net profits

Net par share

Six months

Revenue

Net profit* .......

Net pet share ... .

1982

•' $

230.1m

20.48m

1.08

483.1m

37.87m

1.95

1981

S

228 0m
13.22m
0.68

438.3m

23.04m

1.1S

WILUAMETTE INDUSTRIES

Second q u a r ter

Revenuo

Net profit* .

Net per shore

Six mout hs

Revenue ...

Net profits .....

Net per ahere

fLoss

1982

S

234.2m

1816.000

was

4489m

15.47m

tO-M

1981

$

262 5m
13.2m
■ 0.88

506 6m
21.38m
1.40

Eurodollar market rallies
on money supply figures

BY ALAN FRIEDMAN

THE EURODOLLAR bond
market, encouraged by Friday's
U.S. money supply figures and
falling interest rates, yesterday
enjoyed a small rally. In which
prices of many fixed-interest
bonds were marked up to one
point higher.

The six-month Eurodollar
deposit rate fell | point from
Friday's level to close last night
at 14j per cent. The D-mark
rate fell i point to 9 i per cent
and the Swiss franc rate was
nearly 3 poini lower at 5* per
cent.

The World Baqk was still
negotiating us planned Euro-
dollar bond deal, which was
understood to be for at least
S250m and posible as much as
MQOm. The deal involves a
doUar-Swiss franc, currency
swap.

The Canadian province of
New Brunswick launched a
S75m five-year Eurobond yester-
day through Credit Suisse First
Boston. The paper carries a
153 per cent coupon and a price
of pai*,- ;

Following the success of
Sumitomo Bank's S50m seven-
year Eurodollar bond last week,
three .other Japanese banks are
preparing to launch similar

issues. Sumitomo traded yes-
terday at a discount of less
than } per cent.

Among the other planned
fixed-interest deals are Nippon
Credit Bank, expected to be led
by Morgan Stanley, and Bank of
Tokyo, which has awarded a
mandate to S. G. Warburg. The
Long Term Credit. Bank of
Japan is expected to be the last

of the. new issues, probably

hrough Morgan Guaranty.

All these new Japanese
issues are likely to be interest
rate swap rransa cions, in which
the borrower ends up paying a
Boating rate charge while a
counterparty of lesser quality
takes over the fixed-rate coupon.

In the domestic UK sterling
sector. S. G. Warburg launched
the widely expected £2 00m
Australian bulldog bond. The
28-year paper will be priced on
Wednesday with a margin of
1 per cent above (he gross re-
demption yield of the 13} per
cem Treasury Stock 2004/08.
The bonds will be 20 per cent
partly paid on application with
the remainder being payable on
October 28. The offer is public
and the management group in-
cludes County Bank. Bill
Samuel. Kleinwort Benson.

Morgan Grenfell and Schroder
Wags-

In West Germany, where
foreign bond prices were
marked { point higher, the
Standard Bank of Johannesburg
is placing privately a DM 50m
four-year issue through
Bayerische Hypothcken-und
Wechscl Bank. Thu South
African paper bears, a per
cent coupon, a premium of
more than 100 basis points
above quality names.

In the Swiss franc bond
sector prices were unchanged to
slightly butter yesterday amid
light to moderate trading acti-
vity. CFE. Mexico’s electric
utility, was trading at 9fi to 9fi»
yesterday down J point

In ihc Euroguilder bond
market Amsterdam - Rotterdam
Hank is placing pri\aiol> a
FI 75m five-year issue bearing
a ID per coni coupon; Amlin
Bank is also lead-manager.

In the European Currency
Unity (EC Ut sector. Credit
Fonceir de France increased irs
ECU 40m issue tn ECU 5rtm.
The seven-year paper boars a
coupon of 13i per cent at a
price of 991 to yield 13.SR7 per
cent.

Executive reshuffle at CSFB

BY OUR EUROMARKETS STAFF

CREDIT SUISSE First Boston
has moved to fill several key-
vacancies left by the departure
in late April of Euromarket
executives. CSFB has also
reorganised its syndication and
new business activities.

Mr Ruedi Zehnder. currently
with Credit Suisse in Zurich, is .
to join CSFB in London from
September as head of the
syndication department, report-
ing to Mr Hans-Joerg Rudtoff,
CSFB’b deputy chairman m
charge of all capital market
activities.

Mr George Ball, who has
been in Geneva for the past

year, has joined The London
operation as syndicate manager
and deputy to Mr Zehnder. He
will supervise CSFB's new issue
sales force.

Mr • John Baton has been
transferred from operations to
syndication and will handle
Eurobond settlement and
accounting, along with Mr
Kevin O'Neill. Mr Jim Best
uiJl act as syndicate and new
business liaison with First
Boston in the U.S.

Mr Chins OTUaftley has
arrived from Savory MUIn to
join CSFB as manager of the
sales force. Mr Alan Wilson

has been rperuited from Con-
tinental Illinois to work on
interest rate currency swap
deals.

Mr Rudloff of CSFB said th.it
in the wake or the April
departures “ we took the oppor-
tunity to look at the depart-
ment and reorganise it. All
bad thinks have a good side
and we are pleased with our
restructured deparrmenr."

The four executives who
resigned in April to join
Lehman Brothers Kuhn Loeb
were Mr Jacques Gelardin. Mr
Peter Luthy. Mr Craig Ander-
son and Mr Perry Moncreiffe.

FT INTERNATIONAL BOND SERVICE

The list shows the 200 latest international bond issues for which an adequate secondary- market
exists. For further details of these or other bonds see the complete list or Eurobond prices which
will be published Dext on Wednesday August 18. Closing prices on July 19

U-S. DOLLAR

STRAIGHTS Issusd

A«n« LHa 15 86/97 ... 180
Airtax fin. Tin. IIP* 92 75

Area* 0/S Fin. 14*. 89 76

ATT 14*. 89 400

Bakar InL Fin. 0.0 82 22S
BMP Financa 14V 89 . 150

Bk. Amur. NT SA 12 87 200
Bk. Montreal 14V 87 ... 100
Bqua. Indo Suez 15 89 100
Britiah Col. Hyd. 14*. 89 200
Burrougha Int. 15V 88 60

Canada 14*, B7 750

Canada* 15** 87 .150

Canadian Pac 14V 92 TS
Carolina Power 16V 89 80

CISC 16 87 100

Citicorp O/S 15 84/92 100
Citicorp 0/S 15V 85/97 125

CNA 15V 97 75

Con. Illinois 15V 89 . . 10O
Duka Pwr. O/S 15V 89 60

Dupont O/S Cap. 0.0 90 300
ECSC 14V 87 (April) . 80

RB 15V 89 150

EIB 15V 9? 100

Eksportfinans 14S 89 ... 50

Gan. Elec. Credii D.O 92 400
Gen. Elnc. Credit 0 0 93 400
Getty Oil Int. 14 89 . 12S

GMAC O/S Fin 16 88 ISO
GMAC O/S 15V 85*97 100
GMAC O/S Fin. 15 89 125
GMAC O/S Fin. 15 87 100
Gufl Canada Lid 14V 92 100

Gulf Oil 14V 94 175

Gull Oil Fin 0.0 9? ... 300
Gull Stales 0/5 16 SO 60
Int-Am Dv. Bk. 15V 87 55

-Japan Dev. B». 15 s , 87 50

New Brunswick 16V 89 75 '

Ontario Hydro ,14V 89 150

Pac. Gas 8 R IS*, .89 45

Phillips Petrol 14 89 . 200

R.J. Rynlds O/S 0.0 92 400
Saskatchewan 16 89 125

Shell Canada 14V 92 125

Spain 15 s . 87 100

Superior O/S Fin 14 ga 125
Swrd Exp. Cr 15V 89 100
Swed. Exp Cr. 14V 90 100
SwBd. Exp, Cr. 0.0 94 200
Texas Eastern 1SV 89. 60

Union Carbide 14V 89 ISO
Wells Fargo l. F. 75 S7 75
World Bank 14V 87 ... 500
World Banl 15 s , 88 . 250

Average price changes. On

DEUTSCHE MARK
STRAIGHTS Issued

Anan Dew Bank 9V 92 ISO

Australia 9V 91 200

Austria 8V 92 100

Be refers O-S fn. 6V 94 100

BowBler int. Fin. 8V 89 .50

Canada BV 89 200

Comp. Tel. Eap..lOV 92 100
Crad. Fancier 8V 93 ... 100
Denmark 10V 92 .... 760

EDF 9V 92 100

EIB BV 92 . 100

Inr Am. Dev Bk. 9 92 150
Nacnl. Financiers It 90 ISO
Ngisk Hydro BV 92 ... 100

Philips Lamps 8 s ; 92 ... 100
Philip Morris BV 90 ... 100
OueOec 10V 92 .. .150

Rente ID 33 : H©

SNCF 9V 92 .: TOO

Tnuorp autobahn 9V 94 50

Yenneco Int. 9 92 . . . 100

World Bank 9V 89 .... 100

World Bank SV 92 .200

Average price changes On

Change on

Bid Offer day week Yield
103V 104V +0V +1V 13-50
96V SBV +OV +0V 18-54
95V * +0V+0V 15.25
104V 108 +1 +1 13.09
2fiV 267. +ov +0V 14.78
96V 96V +OV +0V I s - 51
91V 97V +0V +0V 74.60
94V 94*, +OV -0*i 16.22
96V 97V +0V 0 15.71
98V 98V +0V + IV 16.08
101V 102V +1V +1V 15.16
98V 987, +0V 0 14.76
100V 101 +0V +OV 15.19

95V 95V +0V +0V 15.5S
TO 103V +1V +1V 15.57

96 98V +0V +0V 16-48

99V 100V +0V -OV 14.78

m 100V +0V -OV 15.13
98 98V +1V +0V 16.14

98 s . 98V +OV +0V 16.06
97V 9BV +7V -+1V 15.95
35V 38 s . +0V +0V 14.47
98 s . 9B>. +1V +OV 15.15
99V 100 +0V 0 15 JO
977, 96V — — 15-88

97V 98 s , +0'. +0V 14.98
28 28', +0V “OV 14.11

24*, 25V +0V 0 14.06

99V 100 s . +1V +2V 13.96
102 s . ItoV +DV +0V 15.23
99 s , 99V +0*i 0 15.44

98V 98V +0V +1V 15.36
100V 100*. +0V +1V 14.80
96V 97V +0>» +0V 15 32
96V 99V +0V +1 14.42
37V 28V +OV “0 s . 14.20
195V 96V +1 +0V 16.91

S8V 98V +OV -OV 15.«
102V 103 s , +0», 0 14.52
102V 103 +0V+0V15 43

98V 99V +0V +1V 14.88
102V 102V +07, +0V 14-B8
96 s , 9?V +0V +1', 14.66
27V 28 +0V -OV 14.31
1C2V 103 +OV +OV 15 25
96V 96V +0V +1V 15 05
99V 99V +0V +OV 15-83
96*, 97V +1V +1V 14.73
98V 99 +0V -OV 15 50
94 T i 95V +0V +0V 15.84
19V 20 s , +0», -OV 14.83
100 7 , 10iv +0*. -OV 15.44
99V »V +0V +0V 14.80
98V 99 s . -HP, -OV 15.24
96V 97 s , +OV +0V 15.16
100V 1007, +OV +0V 15.01
day +OV on week +0V

Change on

Bid Ofler day week Yield
98V 98V 0 -OV 9-48

103V 104 +0V +0>, 8.74

94V 95V +0V -OV 9.14
95V 96 +CV — OV 8.97
9SV 96 s . +OV -0 s , 9.31
102V 102V +QV +OV 8.00
100V 101 0 -OV 10.35

96 s , 96*i +0V 0 9.32

102*. 1 « 7 , *0V -0 s , 9.68
100V 101)7, +0V 0 9.78

947, 95V +0V —0 s ! 9.14

97 87V 0 -OV 9-43

96V 97V -OV -OV 11.58
98V 98J, -i-OV +0V 8.71
98»i '58V +0V +0>, 8.71
99V 100V +0 S , -OV 8.24

102V 103 +OV -OV 9.67
99V 100 s , +0V -D* ; 9.97
957, SfrJ, +0V -IP. 9.23
102 102V 0 +0V 9.53
9St, 98V +0V 0 9 25

100V 101V 0 0 9.33

9SV 957, 0 +0V 9i1
day +05, on week -0 s ,

OTHER STRAIGHTS Issued
Bell Canada 16 89 CS 100
Can. Pae. S. 1BV 89 CS 50
Crd. Foncicr 17V 89 CS 30
Gac Metro. 17V to CS 20
OKB 16V 89 CS . 63

Q. Hyd. 16V 89 (My) CS 50
Quebec Pm* 16V 89 CS 50
U Bk. Nwy. 9 s , » EUA 18
Amro Bank 10 87 Ft 160
Bk. Mees 81 H 10 87 FI 75
Enrofima 10 s , 89 Fl 50

Ireland 10V 87 FI . .. 75

Ph»l Lamps 10V 87 FI . 100
World Bank 10 87 FI 150
OKB 14 B6 FFr . 400

Soivay « C. 14V 86 FFr 200
Benoricial 14V 90 £ (0) 20

BFCE 14V 57 E . . .30

BNP 13', 91 C 15

CECA 13V 68 C 20

Fin. Ex. Cred 13V 88 C 15

Gen. Elec Co 12 s ; 89 C 50
Hiram Walker 14V B8 E 25

Norsk Hydro 14V 87 E 30

Pnvatbankcn 14V 88 t 12

Quebec 15 s : 87 C 35

Rand (Ndl NV 16 s . 89 E 25
Royal Truatcu 14 86 C . 12

SDR Franee 15 s .- 92 C 30
Swcd E*. Cr. 13*. B6 C 20
Eurolima 10V 87 LuxFr 500
EIB 'BV 88 LuxFr .... 600

Change on

8id Offer day week Yield
97 s - +0V 0 16.69
98V O +0V 16-77
99 0 -OV 17.33

98 0 +0*4 17.76

97V 0 0 16.92

98V O 0 16.65
99 s , 0 ' 0 16.84

9J7, 0 +0V 10.82

100V 101V +OV +07, 9.74
99V 997, +0V +1 10.08
101 101«- +OV +0»,10rt
98V 98V 0 +0V 10«

101 s , 102 +OV+OV 9.75
98V 99 s , +0V +0V 10.29
93V +OV +0*. 16-55
94 +0V +0V 17.19
89V +0V +0V 16.72
100 s ; 101V +0V +0*, 14.22
95V 96V +0V +0V 14 JS
96 97 +0V +0>, 14J4

977, 98 f , +0V +0V 14.28
94'-; 95V +0V +0V 13.65
987, 997, +0V +0>« 14.41

100V 101V +0’» +0V 14-19
97», MV -OV +0**15 .06
102V +GV +0V M.43
106 107 +1 +07,15.06
99V 100 s , t0' ( 0 14.01

101*, 102V +0V +0V 15.10
98*, 99V +0V +0>, 13.96
95V 96V +0V +0*. 11.49
92 s * 93V +0V +OV 11-43

197

198
19B>,
197V
197 s .

199
T99

92*.

92*.

93

88V

FLOATING RATE
NOTES Spread

Allied I nab 6V 92 . . . OV
Bk of Tokyo 5>, 91 (0) 0 s ,
Bk. Nova Scene 5V 93 OV

BfCE SV 88 OV

BFCE 5*. B7 . OV

Caisss Nai Tele. SV 90 0 s *

CCCE 5*. 2002 OV

CEPME 5V 92 ... 0 s *

Chemical NY 5V 94 . 10*.

CISC 5*4 94 OV

Cont Illinois 5 s * 9* . 10 s ,

Credit Aqncola 5V 97.. OV
Crodn du Nord 5V 92 . OV
Cred>i Lyonnais 5 s * 97,. OV
Credit Lyonnais 5V 94 . OV
Credit Nut 5 s , 94 . 10 s .

Ireland 5V 89/94 . . OV
Kanaaltis Osake 5V 92 OV
Lloyds EuioTm 5 s , 93 SOV
Long Toim Cred. 5*. 92 OV
J P Morgan 5 s , 97 . SO 1 .

Nai West Fin 5V 91 . SOV
New Zealand 5V B7 OV
Nippon Credit 5V 90 OV
Oflshwa Mimnq 5 s . 91 O 1 .

PKbankcn 5 91 . . OV

Scotland Int 5 s . 92 0 s ,

Sac Pacific 5V 91 0‘,

Socieio Gennrole V, 95 0 s .
Stand-lid Ch^n 5V 91 OV
Sweden 5V 89 OV

Toronto Domin' 11 5 s . 92 OV
Average price changes .

CONVERTIBLE
BONDS

A|inomcio 5 s , 96 ....

Bow Valley Inv 8 95
Bridges tone Tira 5*j

Canon 5 s . 95

Canon 7 97 . ...

Hitachi Cable 5V 96

Bid Offer C.dm C.cpn C-yld
98 s , 98V 15/10 15.69 15.95
99 99 s .- 8/12 15V 15 37

98*. 99V 29/10 15V 15 30

99 99V 28/10 15 15.11

99V 99V 27/7 16V 16.31

99V 99V 21/10 15V 15 85

98V 98V 11/12 15V 15.61

99 s , 99% 10/12 15.44 15 52
99V 99V 23/9 16 69 16 77
98V 98V 15/1 15 s , 15 48

9BV 98 s , 24/9 16*. 16.60

99 99V 24/9 15.44 15.55

99V 100 23/12 16.81 16.86
99 s * 99’* 1/10 16 16 08

100V 100V 1/1 16.94 16 87
38 s , 99 s , 9/9 14.69 14 89

198V 98V 25/11 14V 14.87

99 99V 6/11 15.31 15 43

99 s , 99V 29/10 17V 17 23

98V 98V 29/11 14’, 14 89

99 99V 12/8 14V 14.74

99V 99V 15/1 15 s , 15.31
99V 100 7/10 15.56 1F.«

99V S PV 10/8 16.06 76. »

98V 99V 2/12 14.19 14 31

99‘, 99V 17/12 15.»i 15.91

98V B9-, 23'9 15 s , 15 55

99 99V 24/11 15 15.11

99 99V 1/9 15.31 15.43

98 V 99 V 18 /11 14', 15 04

99V 99*. 26/B 15.31 15.35

98V 98V 11/8 16V 16 6G

On day +0V on week +0V

SWISS FRANC

STRAIGHTS Issued

Air Canada 6V 32 lM

Asian Dev Bank 7 92 100

Aucalsa 7V.92 to

Auk truli A 6 s , 94 100

BNP 6V-92 MO

Cse. Nat. 1'Enerqie 7 92 100
CFE-Mexico 8V 92 - 50

Co-op. Denmark BV 92 25

Crown Zallerbeeh 6V 92 100
Europarw 7V 9? .... TOO
Ind. Fund Finland SV 92 30

Japan Dev, Bank 8 94... 100

Kobe City 6 s , 92 100

Kommunlana 7V 92 '.. 55

Loroho Ini; Fin. 7V 92 80

Mitsui OSK BV 92 100

Nafinja 8 s , B2 80

New Zealand 6 92 100

Philip Morris SV 82 ... TO
PMIIp Moms SV 94 ... TO

Rente 7V 92 .. to

Sakijul Pro. 3V 92 WW 70
Soc. Lux de Cm. 8V 92 60

Svensks Handels. 6*. 92 100
Tiroter' Wasset 6V 92 TO
Vorariberg Kraft 6V 92 50

Average juries ehsnges. On

Change on

Sid Offer day week Yield
101V 101V +0V +0*4 6 07
101V 102 s , 0 +OV 6 71

98 s , 98V 0 +1V 7.95
104*, 104». -OV +0*4 5 9«
67*. 87V -OV +0V 7.13
100V 101V 0 +0V 6B5

96 96*, -OV -IV 8 83

105*, 105*. +0*, +01; 7.64
99V 99*. -OV +0V S.78
101*. 102 +0V +1V 8-98
98V 98V 0 «0V 6.98
100V 100*, +0V +1V S.91
MOV TO*, 0 -0 s , 6 02
101V WIS +OV -OV 7.05
9a*. 55V ~0>4 -OV 8 J2S
100V 10V 0 +0 7 . 6.M
SOV 94V 0 -1 9.19

101V TOV —0 s , +0V 5.79
104V TO*. 0 +lV 5 99
101V 101V .0 +DV 6.0*
97 s . 97V 0 +0V 3 14

104V 104V +0V +0V s.15
105V 105V -OV +0V 7.20
97V »V 0 +0V 7.03
98 flBV +0V +1V 6 51
102V TO 0 +0V 6.36
day 0 on week +0V

YEN STRAIGHTS

EIB 8V 92

Jnt.-Amer Dev. BV 91
Japen Airlines 7V 87. .
New Zealand. 8V 87 ...
World Bank 8>« 92

Change an

Issued Bid Offer dey week Yield

15 97 *7*4 -OV -0 s * 8.65

IS 100*. W1V +0V -OV B.64
9 95V OF, +0 3 * -OV 9.09

15 99V TOV 0 +DV 8J4

20 8B*i 88V +0V +0*. 8 .48

Average pries changes... On day +0V on week 0

Cnv.

Cnv.

Chq

data

pnea

Bid

Offer day

Pmm

7/91

933

87 s ,

891, +2%

13.79

4/BI 23,12

95

96 +Oi.

60 20

3/82

470

85

E7% +2>.

259

. 1/81

829

871.

8S», t3».

30 20

7/82748.2

97%

Ml, +2L

1 64

7/82709.6

104*, 106*. +4*.

12 ES

.10/81 5541

31

83 +3*4

19.00

7/81

300

84

85'j +B

“".50

2/82

515

83 s ?

85 +3**

8.41

7/81

1612

78

78 +2

18.13

. 3/82

841

86%

88% +2%

9.45

9/81

229

63»,

65 +0i.

?0 68

7/81 846.4

97%

98% +3?,

5 51

10/81826 4

to 1 ;

62 -O'.

34 50

5/B2

8.1G

t79*f

81 s ; +0*,

9.95

7*81

2168

58

59% +15;

3? V

7/81

188

72>.

73% -1

-19.63

10/81

919

t61

63 0

25.33

2/82

846

90 s -

92 +5

13.42

3/62 1205

87S

89 +1%.

967

10/ffT

652

6S' ;

67 +2

19.93

3/B2 577.3

84*.

85% +3%

11 77

10/81 296.1

62

63% +1

8/to

191

74

76 0

32. S

2/82

S85

99 s ?

100% —0 s ;

085

.2/82

263

89

90 0

36.11

Marin 6 96 .

* 1 Minolta Camera
I Minorca 9 s , 97

! Mnmtn 5 1 , 96

Oncnt Finance 5 s , 97
Sanvn Electric 5 96

” No infannsiion available— prcwiaun day's pnee.
t Only one market maker supplied a price
5 freight Bends: The yield is the yield 10 redemption ol rhe
mia-prico: the amount issued is in millions ol currency
units axcept lor Yen bonds where it is in billions.
Change on weeksChangs over price a week earlier.
Floating Rate Notes: Denommeted lit dollars unless other-
wise indicated Coupon shown is minimum C die— Data
now coupon becomes affective. Spread - Margin above
six-month offered raw (1 three-month: j above mean
rate) lor U S dollars C cpn = The current coupon

C.yld“The current yield -

Convertible Bonds: Denominated in dollars unless other-
wise indicated. Chg day = Chontia on day. Cnu. daiBM
First dale for conversion into ska res. Cnv oncen
Nominal amount ol bond p or. share eypressod in
currency ol share at camrnramn rote fixed at issue.
Pram = Percentage premium ql the current otlecliua price
of acquiring shares via the bond over tea most meant
price ol the shares.

£• The Financial Times Ltd. 1982. Reproduction in whole
'•1 In pen m any lorm net permitted without wnttu
consent. Dele supplied by DATA5TREAM International^

Financial Tunes Tuesday July 20 2982

Companies
and Markets

INTERNATIONAL COMPANIES and FINANCE

A subsidiary of

Sketchley PLC

has acquired

Rentex Services Corporation

The undersigned acted as financial advisorto
Sketchley PUC

Morgan Grenfell Incorporated,

New York

July 1982

Jnfrlflffi

3H5H TELECOMMUNICATIONS
INVESTMENTS IJM1CT

U&S 54,080,008

Gn w a hri ly

THE MINISTER FOR FINANCE OF IRELAND

Lead Mailed by

OrtoaHoyriBmtTMml Ulsfer&nBsfaaeDtBniU&dte^

* — ■« ”
novmcany

A feHn aw BankNededandN.V. TfceBan!:ofTbiyo,LhL

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Orion UnwnT EbakUn rifad Saudi International Bank

J AWnfc AWaafl JUUItaM

Ulster Bank Limited UlaterluvestmeutBankldimted

Saudi International Bank

AUtafc Al-SaoS MMml UaCad

Agent Bank

ORION ROYAL BANK LIMITED

A BWban>m» Ham! Banfcot Canute Gaq»

France plans
further aid
for biotech
companies

By David Marsh hi Paris

A THREE-YEAR investment
programme of more than
FFr Ibn (S145m) by companies
involved in the biotechnology
industry has been proposed by
a commission set op by the
French Government.

In a report published yester-
day. the commission recom-
mended That the Government—
■which is already pumping welt
over FFr Ibn a year into bio-
logy-based research institutes —
step up its financial aid by a
further FFr 200m a year.

Biotechnology — the harness-
ing of living organisms in

industrial processes — is one of
the main ** new technology "
sectors looming large in the
French Socialists’ ambitious
drive for science-based econo-
mic growth.

M. Jean Pierre Chevenement
Minister of Research and In-
dustry, told a press conference
that France had “no time to
lose M in making up ground 'lost

The aim of the newly-
combined " super-Mmistry."
formed in the government re-
shuffle at the end of last month,
is for French companies to
boost their share of the world
biotechnology’ market to 10 per
cent in 10 years, from 7.5 per
cent at present.

The main companies involved
in France's biotechnology effort
are all controlled by the state —
the oil company- Elf Aquitaine,
and its pharmaceutical sub-
sidiary. Sanofl; Produits
Chimiques Ugine Kuhlmann,
the chemicals division of
Pechiney Ugine Kuhlmann; and
the large chemical group,
Rhone Poulenc.

Other companies participat-
ing in' projects in this industry
include Roussel-Uclaf. BSN
Gervais Danone and the
pharmaceuticals concern,
Merieux.

In its report which took just
under a year to complete, the
commission called for action to
restructure research efforts, to
improve information about the
new industry and to speed up
training of biotechnologists.

The commission suggests that
government financing for the
industry should be in the form
of tax credits, preferential
loans and fiscal investment
incentives.

The Government is already
spending FFr l.lbn this year
an laboratories and public
research institutes connected
with biotechnology — a sum
which is due to rise to
FFr 1.4bn next year.

Bosch in DM 375m AEG deal

Banca Commerciale Italiana

lias acquired

LITCO Bancorporation of New York, Inc.

(parent company of Long Island Trust Company, NA)

The undersigned, as advisor to Banca C ommerci ale Italiana, helped to
initiate this transact ion and ass iste d in the negotiations.

Lehman Brothers Kuhn Loeb

Incorporated

NEW YORK • ATLANTA • BOSTON • CHICAGO • DALLAS
HOUSTON • LOS ANGELES • SAN FRANCISCO • LONDON « TOKYO

Jalyl3,1982

The Republic of Panama
U.S. $50,000,000

Floating Rate Serial Notes due 1991

For the six months

21st July, 1982 to 21st January, 1983

la accordance with the provisions of the Notes,
notice is hereby given that the rate of interest
has been fixed a i lS'/i per cent, per annum, and that the ir.teres
payable on the relevant interest payment date.

21st January, 1983 against Coupon No. 7 will be UJj. 3 779.44.

The Industrial Bank of Japan, Limited
Agent Bank

THE LONG-TERM
CREDIT BANK OF
JAPAN FINANCE N.V.

U.S- $30,000,000 Floating Rate

Notes Due 1989

For ins six months

1 9th July. 1 932 to 1 3ih January, 1 983
the Notes will carry an
interest rate or 1 5 9 -.s c c> per annum
with acouccn amount of U.S.S795.42

Bankers Trust Company. London
Agent Sank

BY KEVIN DONE IN FRANKFURT

ROBERT BOSCH, the West
German motor components and
electrical group, has spent
DM 375m (3152m) buying into
the telecommunications interests
of the financially-ailing AEG-
Tel e funk en concern.

This was disclosed yesterday
by Herr Hans Merkle, chief
executive, who nonetheless ruled
out any Bosch involvement in a
West German national rescue of
AEG, a solution widely can-
vassed by the trade unions.

Bosch was ready to increase
its stake in AECTs telecom-
munications operations, said
Herr Merkle. He hinted strongly
too that in the event of an AEG
collapse Bosch would be
interested in buying certain
other AEG assets.

To date Bosch has bought into

the following AEG activities:

O For DM 100m it has taken a
20 per cent share in ATN — AEG-
Telefunken Nachrichtentechnik
—the AEG telecommunications
division. AEG has retained a
51 per cent interest Other
shareholders are Mannesnumn,
20 per cent and Allianz, 9 per
cent

The three groups — Bosch.
Mannesmann and Allianz — had
pooled their interests in a
holding company, said Hetr
Merkle, and had taken an
option to increase their stake
in ATN to a ample majority
if there was a change In AEG’s
ownership.

This move protects the
primacy of the .three com-
panies’ role in ATN if a major
new shareholder buys into AEG

as part of a general rescue.
Both General Electric Com-
pany of the UK and United
Technologies of the U.S. have
shown interest in taking a sub-
stantial minority stake in
AEG’s' complete capital goods
operations. Which would include
the 51 per cent-owned tele-
communications division.

• For DM 375m Bosch bought
75.5 per cent of Telenonna—
AEG has the remaining 24.5
per cent — which in turn owns
41 per rent of Telefortbau und
Normalzeit, the successful tele-
phone systems company. Bosch
has passed on a third of its
stake to J. M. Voith, the
mechanical engineering group,
which like Bosdh is privately
owned. . reducing its direct
investment to DM 250m.

At the beginning of J9S9
Telenorma will exercise an
option to build its interest in
T & N to a substantial majority.
• For DM 25m Bosch has
bought 20 per cent of Olympia,
AEG's loss-making office inform-
ation equipment subsidiary. A
further 29 per cent is held by
holding companies dominated
fay the Deutsche and Dresdner
banks and the Westdeutsche
Landesbank. Hie stake in Olym-
pia had already been written
down, in the Bosch balance
sheet;' said Herr Merkle.

The. acquisitions mark an
important diversification for the
Bosch group, which still made
62.5 per cent oflast year’s total
sales of DM 12.9bn from motor
components, both electrical and
mechanical.

Buoyant motor business boosts turnover

BY OUR FRANKFURT STAFF

SALES AT Robert Bosch in-
creased by 9.7 per cent to
DM 12.9bn last year, and have
continued to move ahead in
1982.

Boosted by the strong per-
formance of the West German
car industry, one of the few
bright spots in the German
economy, sales rose by a
further 10.5 per cent in the
first half of 1982 to DM 6.95bn
($2.Slbn). Bosch expects
growth to slow in the second
half of the year.

Volume sales last year rose
by only 3 per cent, however,
after allowing for currency
movements and inflation, while
volume sales showed a rise of
8.1 per cent in the first six
months this year.

' Last year Bosch's sales growth
was chiefly carried by strong
overseas demand, with . foreign-
sales expanding by IS per cent
compared with a 7 per cent in-
crease in domestic sales.

So far this year the picture
has been reversed, with
domestic sales rising by 13.5 per
cent and foreign turnover
increasing by 7.7 per cent.

Bosch’s profitability has not
kept pace with the growth in.
sales. After-tax profits rose by
just 2.8 per cent to DM 181m,
and lower down the profit and
loss account the figures are
depressed by risk provisions.

Bosch has managed to bring
its perennial . loss-maker,
Blaupunkt. the consumer elec-
tronics and car radio subsidiary.

back into profit, achieving an;
after-tax surplus of DM 21m last
year compared with a loss ot
DM 66m in 1980. (Of the 1980
loss DM 51m was accounted for
by special - depredation
measures covering earlier
years).

After several years of heavy
capital spending Bosch slowed
the pace of expenditure last
year with a fall to DM 595m
from DM 781m in 1980. Capital
expenditure is expected to rise
again this year to DM 750m.

Investment has been con-
centrated on development and
production of injection equip-
ment for petrol and diesel
engines as well as' on other
electrical and d cLrum c .vehicle
components.

In weak areas of business
Bosch has been forced fo impose
short-time working over the past
18 months and it has also cut
the workforce significantly.
Worldwide the number of Bosch
employees fell last year by 6
per cent to 112,796.

The company is striving to
increase its activities in the
North American market and the
share of the Americas in group
turnover jumped to 13.6 per
cent (DM L76bn) from 11.2 per
cent (L32bn) in 1980. It is
still dependent for 63.8 per cent
(DM 8.2 6bn) of sales in the
EEC, with a further 13.8 per cent
(DM L78bn) coming from other
European countries.

Bank buys Hachette stake I Roche sales dip by 2 %

BY OUR PARIS STAFF

CREDIT LYONNAIS. the
second largest of France’s big
three nationalised banks, has
taken a 14.6 per cent indirect
stake in Hachette, the premier
publishing company now inde-
pendent of the Matra arms
group.

The bank has bought a 27 per
cent share in the holding
company Marlis, which owns 54
per cent of Hachette. The stakes
were acquired, for an undis-
closed stun, from the newly-
nationalised banking group.
Paribas (which formerly had 10

per cent of Marlis) and from
the radio station, Europe 1
(formerly 17 per cent).

Hachette came under the
control of Matra at the end of
1980, but the arms group hived
off its shareholding as part of
the Government’s national-
isation plans.

The fresh share restructuring
is not expected to lead to any
changes in corporate' strategy
at’ Hachette, which incurred a
loss of FFr 15.4m ($2.2m) in
1981 but expects to return to
profit this year.

BY JOHN WICKS IN ZURICH

SALES OF Roche, .the Swiss
chemicals group, fell by 2 per
cent in the first half of this
year, because of the increased
strength of the domestic cur-
rency. According to the Basle-
based parent company, F. Hoff-
xnann-La Roche, combined sales
of the 'companies controlled by
Roche and its Canadian holding
affiliate, Sapac, totalled SwFr
3.39bn ($1.61bn) compared with
SwFr 3.46bn a year earlier.

. In terms of local currencies,
group sales rose by as much as
18.6 per cent, against a 16 per

cent growth: in the previous
year.

In Swiss-franc terms, first-half
sales of the two major divisions
— pharmaceuticals and vita-
mins/ fine chemicals — were
down by 3.7 and 3.2 per cent on
corresponding 1981 levels to
SwFr 1.45bn and SwFr 958m
respectively,

Although no indication is
given of current earnings, Mr
' Fritz Gerber. Hoffman La Roche
-. chainnan, had said in May that
1982 profits ought not to be
lower than those for last year.

^•V#VbV*V*VbV#VbV*V#V#V#%VAV#VA%%V

corporate
finance Jl

.—'•'SyA

Established as an
international bank in •

London for well over 100 1 :
years, Banque Nationaie
de Paris p. I.c. provides .
international and l

domestic corporate
facilities in the UK for.
large and medium-sized
companies

The BNP offices illustrated are
located in the main business
centres:

London: 01-626 5678
Manchester: 061-228 061 1
Birmingham: 021-236 9735
Leeds: 0532-443633
Edinburgh: 031-226 6655

As a member of the worldwide
Banque Nationaie de Paris
Group, BNP p.I.c. has the %
positive advantage of "■ .
direct contact with the . .
seventy-seven countries
in which the Group . i

operates. 4l

\*y/A

til

8-13 King William Street, London EC4P 4HS ^Telephone: 01-626 5678, Telex: 883412 BNP LNB
BNP Group Head Office: 16 Boulevard des ItoRens, Paris 75009 v '

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Financial, Tipes, Tuesday July .20, 1982 .

‘a I w«- INTERNATIONAL COMPANIES and FINANCE

— 2 * - ,

Gas fuels battle for OCA board

Dover

nv

4, OIL COMPANY OP ATJS-
■'■TRALIA, .“which- was launched
ta. the hade of the energy boom
i 'late in 1979, wffl be fortunate

■ if It celebrates its thfied hirtfi-
-Tflay as an independent, oil and

■ jjas explorer.

" ] > Hartogen Energy, ; -with , . a
• -stake of IS per ceht-in-tHe
0 company, is pounding . on its
'•boardroom door and . hopes - to
' unseat all the encumbent direc-
-tors of OCA at an extraordinary
V.. - general meeting it has requisi-
„ rfianed for July 29.

OGA's directors are outraged
.'that Hartogen should try to -set
. - “the precedent of using. a- modest
/ -minority stake- to- gain total
... boardroom control. - They fear
' 'that other OCA shareholders
-vill be disadvantaged if ever a
Hartogen-ap pointed board evalu-
ates a takeover offer from
. Hartogen.

Meanwhile. . Hartogen is
attempting through the courts
to test whether the -OCA board
, had the power, and -the need to
increase its capital through the
defensive allotment of 10 per
cent , of its shares to Boral, the
.Sydney-based' b uilding products
land gas distributioii gronR, the
;day after Hartogen revealed its
- holding , early last 'month. ’

~ As part of this -deal. Sir Brie
^Neal. Boral's ^airman , joined
the OCA board land' Boral -was
given right of first refusal over
any gas produced by OCA. This
rwas the - result* says OCA, of
stalks under way » since last
c AogusL .. . . .

'Biggest shareholder ‘

i Both these podntsiave rankled
..with Hartogen, which is OCA 's
, biggest single shareholder but
'has no; boardroom, represents

■ tion/In its efforts' to win votes
• to its cause it has drawn into
question the propriety* of such '
a relationship between potential
sellers and buyers of gas. It has
also questioned the. abilito. of
the OCA board-r-or Boralr-to ,
carry through to production
OCA's rich gas reserves in .
Queensland.

i -However,- it seems cer tain
that if Hartogen rftils in its ,
i attempt to replace the OCA

directors— who include Lord
Catto, chairman of Morgan
Grenfell, the UK merchant bank
: which . introduced OCA to the
.market .through its .Australian
subsidiary— Hartogen will seek
to win control through a take-
over offer, amove likely to draw-
omJJdrhl ® " white knight"

Eodeed. after . revealing . its
almost: *20 per cent stake'eariy
last-month Hartogen made a
share exchange offer for 14m
-OCitf shares to lift its stake to
40 per cent (96 per cent after
tiie Boral allotment). However,
the Sydney Stock Exchange’s
insistence on a cash alternative,
.later backed. by the courts, led
to the bid's withdrawal ;

In the meantime a new com-
panies Act came into, farce on

rently trying to sell its half
share in the producing Wambo
coal mine in the Hunter Valley
of . New South Wales, which
could bring in A$2Gm to A$25m.

At stake is OCA’s highly
■ promising, gas properties in. the
Denison ( Trough, part of .the
Bowen Basin in. central Queens-
land, as well <Q- other explora-
tion tracts.

- .Its Denison Trough Yellow
Bank, number two appraisal
well last week produced strong
Sows of 2.62m cubic feet of gas
a day from its third level, con-
. siderably upgrading the field’s
potential. OCA has 40 per cent
.-of the Denison Trough with
GSR holding the remainder.

If the field measures up to
its rich potential — and it

"Hi

TC:

.V.W.V,

*■»

. .:v - *'

Hartogen Energy is trying to use an 18. per cent

of Australia, a promising oil- and gas producer.
. Lachlan Drummond reports from Sydney

July 1. It demands in part up-
to-date audited accounts before
a group QjBixx launch a bid. With
these due from Haxtdgen within
weeks a new offer is likely to
emerge. ..

At the same time Boral has
been adding to its existing stake
in .OCA. ' through market
purchases aT Vl hag the flwawriat
muscle, the indinatioii, and the
support of the OCA board with
which to back a bid.

With OCA shares and options
trading at around 60 cents and
26 cents respectively, a bid
somewhere above 70 cents &
share is thought necessary,
placing a value of around
A$60m (TJ.S.$61m) on OCA.

Although Hartogqn, with a
share- capital of around AgTOm..
previously made a share-based
bid it has access to substantial
funds and could If pressed offer
a cash alternative. 1 It would
likely, seek only control and not
outright ownership,- It is cur-

could do so within -six' months
— Jong-term industrial con-
tracts' will be the key .to its
success.

' Already Australian Ferti-
lizers has plans for a jumbo
fertilizer -plant in Queensland
using natural - gas feedstock
while -Queensland Alumina
<QAL) -is, keenly Interested in
converting its Gladstone
refinety from oil to gas.

.However, QAX. wants at
least 10 years supply j; before
it will undertake, the conver-
sion. This plus other . possible
commitments would Tequire
OCA gas reserves of at least
200 bn cu ft, a target Mr Fat
Burke, Hartogen chairman,
believes attainable.

So far, possible reserves are
put at more than 125bn cu ft —
enough to start supplies to
Brisbane the northern half of
which Boral supplies. But it is
the potential A$300m or more
long-term contracts with QAL

which is the centrepiece in
OCA’s attraction.

OCA also ha; a 2-5 per cent
share in the Jackson oil
discovery in the Cooper Basin;

■ 12i per cent of two highly rated
exploration permits the
Canning Basin where Esso
Australia is the operator; ex-
ploration areas in Queensland’s
productive Surat Basin; and a
A$15m cash kitty besides.

Obvious attractions

For Boral, a gas distributor,
the attractions are obvious —
attractions which led' Hartogen
to claim that Boral/OCA link
was not in the .best interest of
all OCA shareholders.

Boral, the 25th largest Aus-
tralian company with a market
capitalisation of A$300m has
already made a major oil and
gas exploration commitment
teaming with Esso in the
enormous. though untried,
Galilee Basin permit, an area
which represents roughly 15
per cent of the state of Queens-
land.

Hartogen has said it can pro-
vide OCA with a board experi-
enced in turning exploration
potential into production
Evidence includes, its operation
of the Kincora gas field which
supplies Brisbane!

It also holds 22 per cent of
tiie Blina oil discovery in the
Canning Basin, three, petroleum
permits in the Cooper Basin,
and major stake in the Turn gas
field in Western Australia’s
Bonaparte Gull Through its
control of ■ Plnss Oil it has
interests in the Gippsland Basin
in Victoria and permits north
and west of the Jackson oil
discovery. It also has interest-
in the Surat basin.

Meanwhile, the OCA board-
contmues to fight in -the courts
and to stress to i* shareholder
it desire to be left alone and
it ability to carry out the deve-
lopment phase of the Denison
Trough project

However, at a time when
depressed share prices have
opened the way for cheap entry
into attractive resource deve-
lopments, independence may
prove a vain hope. .

U.S. $60,000,000

— TndlBtlriasPdSoleSjS A. de C.V.

{fWfqmStdia UaU*d M tx kim .Vnirt) - .

Floating Rate Notes Due 1989

la accordance with the provisions ofthe Notes, notice is
hereby given that for the threemonth Interest Period from
19th July, 1982 to 19th October, 1982 the Notes- will carry
an Interest Raid of 152-% per annum and the Coupon
Amount per US. 510,000 will be UA 5402-50. *

OtiifitSn^BTrstBosttmLimited
Agent Bank

South Korean listed
companies lift profits

SEOUL— Financial reports of
290 companies listed on the
Korean Stock Exchange 'showed
th at p r ofi t s -r us e~ti y - an -average-
80 per cent in. 1981 and sales
by 31 per cent, the Korean
Securities . Supervisory Board
said. If 41 financial institutions,
and insurance .companies are
excluded, profits of the remain-
ing 249 companies' increased by
38 per cent and sales by 63. per
cent ••

..However’,' 66 ;of the 290
companies incurred losses last
year, according to the Board.
The same number of concerns
reported, losses for 1980. Profits
of 298 listed companies declined
by an average 42 per cent in
I960 on sales up by an average
of 4>6 ;per.cenL
Company results and sales
figures have been converted to

FENSIDER INTERNATIONAL S.A.

ffmmiflimul

U.S. $40,000,000 '

, ISv&'SiearCtefflRic^

• GtaasBfasdZyr .

Societa Sidernrcrica Hnsider p JL -

Ratfe of Tokohaffla. MdU,

' tbnV Brmwpnfaa Malaysia Bexhad ,

Banco di Santo Spirito (Imxetnlx>nrg)
Tirris AG. Zurich

J^htnan ^Bio&grs Kuhn Loeb
AHN S.pJL

ThfiHfimzJkuBaii3c;li6L

C ’onunasradhy

jpKftrf PffnV Tntomafa'wnal -
Banquet Sndamens •

Facte pro vidod i>y

“ ” ■'BanfcBiatfpohB ifitaydaBaabad,

. J^inrlnn B nmctL

- TM »>»* ^ YoifcbbaaB, 1M,
Jjaata tHSmto Spm» P*«eint>ourg 5
riAgcstts'

f!a«» di giqdanrJci dsHc Proninoa
Lcriibsrtto (London Bianch) -
T^a Hokuritai Bank. Ltd.

Nasrafin Bank Limifetd -- \ .

Khode IdaSKi HosyntEd ’EnjAMatoailtaA;

Ttni: AG, Zurich " .

Jtrf wrf H rnnh

Banco di Santo Spirito (Luxerobourg)

Mrissa

UB. dollars using the won-dollar
exchange rates prevaiGng at the
mid of 1980 and 1981. Statistics
for '-both years are based on
unconsolidated company re-
ports. Some subsidiaries’ losses
are not included.

Many Korean corporations,
including many subsidiaries and
affiliates of major groups,, are
not listed. Reports on the listed
companies therefore do not pro-
vide a complete picture of the
corporate sector’s performance.

While many listed companies
reported increases in ear n ings;
others said profits declined or
disappeared. In some cases,
important companies that were
profitable in 1980 reported
losses for 1981.

One securities analyst traced
the mixed . performance to the
recession of 1980. . The prob-
lems of chat year carried over
into 1981, and companies found
themselves short of operating
funds, the analyst said. As a
result, they borrowed increas-
ing amounts of money, and the
enlarged debt burden pushed
profit down.

Korea’s gross national product
increased about 7 per emit in
1981 with agriculture and the
fisheries industry making the
largest contribution, to growth.
Moreover, GNP is calculated
i wring sales figures, and most
listed companies reported in-
creases in sales, even if profits
declined.

prospects for dn earnings
improvement this year picked
up sharply last month with, the
announcement of a government-,
stimulus package. Corporates
taxes and interest rates were
slashed, but analysts' say the
ability to increase profits- by-
expanding markets will depend
largely on how the Japan,
and other buying countries fare
In the second half.

The financial scandal resulting
from a swindle on Seoul’s
private-loan market shot holes
in the earlier optimism, one
analyst said. Construction
companies were hardest- hit
because of their heavy use of
private loan funds.

Electronics and general trad-
ing companies, by contrast are
expected to show some improve-
ment in the second hal f, wh ile
the petrochemical industry, is
expected to remain depressed.

The motor-car industry con-
tinued to tike the hardest blows
in 19SL RLa Industrial Company,
one of the country's three motor
manufacturers, again led the
list of losers on the exchange.
Kia posted a loss of $38m com-
pare with the :§36m deficit of
1980. Hyundai Motor Company,
the nation's leading car manu-
facturer, reported a loss of $23m
for the second consecutive year.

By comparison, Daewoo
Corporation, the main company
of the country's largest diversi-
fied group,., reported a profit
of S90m. the largest of any
listed company. Dong Ah Con-
struction Company was the next-
largest earner, reporting a 1981
profit of $23m, .down 46 per.
cent from 1980.

The number of listed com-
panies withholding dividends
last year increased to 70 from
71 in 1980. The average divi-
dend paid fell to 58 won a share
from. 79 won in 1980,

AP.DJ

Advance
ingroup
earnings
at Fujitsu

By Our financial Staff

FUJITSU, Japan’s largest
computer maker, has reported
an 18 per cent increase in
consolidated net profits for
the year ended March to
Y3L76bn - ($124m). ..

Consolidated pre-tax profits
rose by 47 per cent to
Y65.89bn on sales ahead by
15JB- per eent to YBOO^bn
(S3.Mim).

Fujitsu had earlier reported
a 24 per cent rise In parent
company net profits to
Y22.89bn ou sales ahead by
15.4 per cent to Y67&lbn.

The company said its
strongest ‘group performance
was In sales of computers and
electronic components.

- Revenues from computer
sales, which represented 59.7
per cent of: the group total,
rose 17.8 per cent from the
year before to ■ Y477.84bn.
Electronic components sales,
which represented 15JI per
cent- of the total, rose 2L4
per cent from the year before
to YI22.64bm •

Revenue from communica-
tions. equipment grew at . a
slower pace, rising by A3 per
cent .from the year-earlier
level to Y137.50hn- Com-
munications equipment sales
represented 17.2 per eent of
the total, down from 19 per
cent

Exports advanced by 319
per cent to Y140.71hn with
the share' of exports in total
. sales climbing to 17.6 per cent
from 15-1 per cent
. Fujitsu said its wholly-
owned semi-conductor manu-
facturing subsidiary in the
U.S., Fujitsu Microelectro-
nics, which was established
In 1979, is expected to show
Its first profit, thin year.

The. domestic office equip-
ment unit set up last year, is
also expected to show a sur-
plus.

The company said that
along with the parent
domestic subsidiaries in office
computers, electronic parts,
and car audio equipment are
expected to contribute to
higher results this year.

Fujitsu expects a 35 per
cent increase in consolidated
net income for the current
year to. Y43bm Consolidated
sales of the 21-company
group are forecast to rise by
23 per cent to Y983bn.

Alcoa Australia shelves
Portland smelter project

BY MICHAEL THOMPSON-NQEL IN SYDNEY

ALCOA Of Australia yesterday
deferred completion of its Port-
land aluminium smelter in Vic-
toria until at least mid-1985.
** We regard this as a temporary
deferment, not an abandon-
ment,” Sir Arvi Parbo, Alcoa’s
chairman, said of the troubled
ASflOOm (U.S£91Sm) project.
Nonetheless, the move provoked
a fierce reaction.

Sir Arvi said the main fac-
tors were depressed world alu-
minium prices and Australia’s
declining competitiveness in
world markets, a reference to
rising domestic wage rates.

Existing contracts at Portland
will be wound down and no new
work started. The site could be
virtually deserted by-kler -this
year. • -

Sir Arvi said Alcoa, which is
51 per cent owned by
Aluminum Company of
America,' had already invested
AS250m at Portland and the
last thing it wanted was to have
to ** walk away.” But the defer-
ment was fiercely criticised by
the unions. Mr Harry Holowell.
state secretary of the Federated
Ironworkers’ Association of

Australia, said the move was a
“bloody disgrace.”

Doubt has surrounded the
project since 1978.' Construe^
tion work started in January,
1981, and the first pollute wfes
to have been ready in October,
1983. But late last year, Alcoa
came- close to - abandonment
after- sharp disagreement with-
the state electricity authority
over power pricing -

Portland is in the Wan non
constituency of Mr Malcolm
Fraser, the Prime Minister, who
will visit the site next Monday.
Last year Alcoa estimated that
3,000 jobs throughout Victoria
were directly related to the
smelter’s construction. Last
week, the company revealed a
35 "per Cent fall in' first-half
profits, to A$S8.9m and its
faPure to attract a Japanese
partner for Portland.

Work on a AS260m power
line from Geelong to Portland
is continuing, though produc-
tion ai the - Point Henry
aluminium smelter at Geelong
is being closely-monitored. The
company has already moth-
balled its refinery at Wagerup,
in Western Australia.'

Electricity accounts for
between 25 per cent and 30 per
cent of aluminium smelting
costs in Australia, but both
Alcoa and the state government
of Victoria have ruled out an
electricity price subsidy for
Portland.

- Sir Arvi said yesterday that
the project would probably have
been deferred, regardless of the
dispute over electricity tariffs.

Mr Holowell said yesterday
that about 1,400 workers would
have been engaged on the site
when construction was at a
peak, and that many workers
had staked their life savings on
going to -work at Portland. “It’s
a crying shame to let this engulf
a whole bloody town.” he said.
; _ The leader : jot the' 'liberal
opposition' In VicToria, Mr
Lindsay Thompson, blamed the
state Labor Government for
Portland's demise. Victoria
t'oted in a Labor government
earlier this year.

“The only surprise is that it
has taken the Labor government
100 days to bring the biggest
aluminium smeller project in
the southern hemisphere to Its
; knees," claimed Mr Thompson.

Bank of Bahrain and
Kuwait moves ahead

BY MARY FRINGS M BAHRAIN

BANK of Bahrain and Kuwait
(BBK) has reported net income
of BD 6 An (910.6m) -before
extraordinary gains for the first
half of 1982, against BD 6.7m
for all of 2981.

This Is the first time that the
16-year-old joint venture be-
tween Bahraini private inves-
tors and Kuwaiti financial insti-
tutions has outstripped the
earning of its longer-established
rival, the National Bank of Bah-
rain, in which the Government
is a major shareholder.

NBB earlier reported a 60.
per cent increase in interim net
profit of BD 3.1m ($13.6m), but
continued to show a higher rate
of return on average assets.

Neither of the two banks in-
cluded exceptional income from
the handling of offshore com-
pany share issues. Al Ahli Com- -
merrial Bank, the other local
institution providing seven-day
credit to subscribers, publishes
only yeai^end results:; .Bat 'on ;
the four issues in the first half

of this year the three banks are
estimated to have earned some
-USS70m.

Although BBK probably does
about 70 per cent of this credit
business, the “ windfall" is
divided between them-on the
basis of overall market share,
under a mutual agreement con-
cluded two .years ago to avoid
-fierce competition which would
lead to under-the-counter rate
cutting. The second half is
unlikely to bring comparable
gams since the current 917m
issue .for United Gnlf Bank, to
be completed on July 31, is less
heavily over-snbscribed.

The only other issue in pros-
pect is for a local investment
company which- is. -seeking to
change its status from that .of
a private to a public company.
But if it comes to, the market
in the autumn, investor response
could be muted by BBICs
planned BD 19.5m (952m7 rights'
issue in October.

Money broking
fees to be cut
in Hong Kong

HONG KONG'S foreign ex-
change and deposit brokerage
fees, which are easily the
world’s highest, are set to be
cut soon by up to 20 per cent
according to participants in the
markets.

This would bring fees here
roughly into line with Singa-
pore its regional banking rival.
.Reiner, reports . from Hong
fXong.

The high level of Hong Kong
brokerage tariffs is one of the
Victors which has reduced the
overall volume of foreign ex-
change business channelled
through broken only between
10 per. cent and 20 per cent of
the total, with the banks prefer-
ring. to conduct the bulk of
their business on a direct-deal
basis.

This contrasts with, other
major financial centres, such as
London, where the proportion
-of business dealt through
brokers exceeds 80 per cent
and where emphasis is placed
on the broking system to deter-
mine levels, of foreign exchange
rates.

Call

It’s nice
to near
your voice.

Call Portugal... Handle your
business personally
Call Portugal and... You’ll find
out we are within much easier
reach now.

Country Code — 351

Lisbon Code —1
Oporto Code — >2

From July 17on, several
area codes will be-altered,

For further information please
contact your own 'country
information services.

TELECOMUNIGCOES

CORRE 1 Q 5 ETEHCOMUNICACOES DEPOKHIGAL

I

Companies and Markets

WORLD STOCK MARKETS

Financial Times Tuesdafy' i J

NEW YORK

ACF Industrie!...!

AMF.

ARA .*

ASA

AVX Corp.. ;

Abbot Labs

Aem* Cleve.

Adobe Oil St Goa ;
Advanced Micro.’
Aetna Life & Gai
Ahmanson (H.F.V
Air Prod ACheml

Akzona. — ~|

Albany Int ■

Alberto-Culv.. —

Albertson’* 1

Alcan Aluminium)
A[co Standard — i
Alexander A AI. J
Aiegheny int—.

Allied Corp—.....|

Allied Store* .....
AIIIs-ChtUmer*,...i
Alpha Portd _|

| . v

30 30U

16 153*

271* 27

3m sou

17 17 ta

3 He 306a
17S* 17 >s

14*4 16

26i* 861 a

33fifl 337s

BS* 8T S

31 31>«

lSifl ISsa
24Sa 25
12 US*
35io 347 b
la 7* 167a

203a 204
26 25Se
22 22
31 304

27Ha 274
114 H4
134 123*

0LAtf.Pae.7V

fit. Basins

Qt Nthn Jf ekooiia
CL WcstFInanc
Greyhound
Grumman,,
flu f A Weston

Gulf Oil..

Hall (FBI .

Halliburton

Hammer-mill Ppr

Handlcman

Hanna Mining ....
Haraourt brace..

Hants Bonop

Harris Corp „

Harsco.

Hecta Mining

Hein* Oil)

Heller Int 1 _.„

Hercules

Hersfioy

Heubleln

Hewlett PW— ....
Hilton Hotels

Alcoa |

Amal. Sugar ]

Amdahl Corp I

Amerada Hess— J
Am. Airlines.

Am. Brands
Am Breadeaarg

Am Can.

Am. Cyanamfd....}
Am. ElecL Powr.

Am. Exp rata

Am. Gen. insnee.
Am. Hoist A Dk

Am. Home Prod*

Am. Hosp. fluppy
Am.Medteal Inti

Am. Motors -

Am. NaL Ha toes.

Am. Petti na J

Am. Quasar Pet_l

Am. Standard— I

Am. Stores -

Am.Tel.ATol ’

Ameteklna i

Amfaa ; .

AMP ! i

Am star :

Amcteed 1nd» 1 !

Anchor Hoc Kg

Anheuser-Bh —
Archer Daniels...;
Arm co. ■

Armstrong CK....

AsameraOII

Atarco.. u

Ashland Oil

Assd. D. Goods...

Atlantic Rich

Auto- Data Pm...

Avco

AveMnyti ...

,i lBSg | 154
74 • 7i»
214 ' 214
.. 25 I 25
.53 I 35
. 394 | 377*
. 25 25

. 174 164

.1 264 264

Avnat )

Avon Prod

Baker Inti >

Balt Gas ft Kl ,

Ban Cal I

Bangor Punta
Bank America

Bank of N.Y J

Bankers Tst N.YJ

Barry Wright

Bauach ft Lomb.
Baxt Trav Lab....
Beatrice Foods...

Baker Inds —

Bell ft Howell Zj
Bell Industries ...

Bendix ..... I

Beneficial I

Beth Steel I 165*

Big Thee lnds__‘ IB
Black ft Decker— 13

Block HR _■ 203*

B ue Boll.. 254

Boeing 1 174

Boise Cascade—.! 224

Barden 33

Borg Warner 247a

Briggs Stratn .... 2*4

Bristol-Myers 605g

BP— 184

Brockway Glass. 133*
Brown Forman Bj 334

Brown Grp I 364

Brown ft Sharp— ■ 134

Brawng Farris j 264

Brunswlok.— —! 204

Bu cyrus- Erie I 124

Burlington Ind lfl*«
Burlington Nrthn 41

Bumdy ! 17

Burroughs. 2B7a

CBIInda 51

CBS 384

CPC Inti 344

CSX_ 364

Campbell Red L. H4
Campbell Soup—. 36
Campbell Tagg .. 263*
Canal Randolph. 394
Can. Pacific . 214

Carlisle Corp 21ig

Carnation 1 334

Carp Tech —.—I 314

Carter Hawley.. 124

Caterpillar 374

Celanese Corp_ 46

Cental....- 204

Centex 204

Central ft Sw. 154

Central Soya...-. 104

Certain- teed X14

Cessna Aircraft- 154
Champ Home Bid 34

Champ inL - 124

Champ Sp Plug.. 73*

Charter Co 54

Chase Man hatt'n 343*

Chemical NY 28

Chesals Pond..... 314
Chicago Pneum.J 12

Chrysler J. 84

Chubb -....| 36*i 1

Cigna 334

Cincinnati Mil ....I 214

Citicorp- I 234

Cities Service-...! 53 4

City Invest. ■ IB

Clark Equipment 20
Clave Cliffs Iren.; 17

Ck>rox 144

Clueltt Peaby 174

Coca Cola- ■ 374

Colgate Palm.....! 174
Collins Aikman. ' 134 ■
Colt Inds 243, 1

Columbia Gas.— 204 304
Combined Inf,- 207, 204

Combustn. Eng.. 244 28

Cm with. Edison. 2l7 ft 214
Comm. Sate Irte-j BSTg. 517,

Comp. Science— 124

Cone Mills.. -.1 274

Conroe— — j 237*

Cons Edison ,1 184

Cons. Foods. 364

Cons Freight 42

Con. NaL Gas 23

Conmucr Power 174
Cont. Air Unei— 44
Conti. Corp.—— 227 b
C ontf. Group— 264

Conti. Illinois 174

Gontl.Teieph 157*

Control Date— S5f,

Cooper Inds - 244

Coon Adolph. 104

CopporwekL 134

Corning Glass 454

Corroon Black 20

Cox Broaocasfg 284
Srane ........ — — 214

CrocKor Nat 234

Crown Cork — 24
Crown Zell 174

Cummins Eng — 2B
Curtiss- Wright... 364

Damon- 64

Dana- 25

Dart ft Kraft. 534

Date Gen 264

Dayton-Hudson 394

Deere- ; 22J*

Delta Air | 334 .

Denny's 28

Dentsplylnu ' 234 I 234

Detroit Edison I 114 J 114

Diamond Inti • 37 4 365s

Diamond Shank— I 64 194

DIGiorglO 8 ** | 9

Digital Equip 704 ■ 6 S 4

Dillingham 114 HU

Dillon 234 24

Disney (Walt/. 54J, 56

Dome Mlnes_..._l 74 64

Donnelly iRRj ...... 414 ! 42

Dover Corp 214 I 214

Dow Chemical ._ 2l?a 2l*«

Dow Jones 40 384

Dresser— 154 164

Dr. Pepper 137 b 13*j

Duke Power 214 214

Dun A Brad.. 724 704

DU Pont 314 314

EG ftp i 174 177a

Easco.— ’ 204 204

Eastern Airlines. B4 64
Eastern Gas ft F.> 154 164

Eastman Kodak-. 777, 77

Eaton 243 4 34 7 t

Eohlln Mfg | 14 134

Eekherd Jack.— , 194 194

Electronic Data.) 264 264

ElecL Memories.. 44 I 44

El Paso —J 17T a 18

Emerson Elect-! 464 461*

Emery Air FgL-1 94 9S B

Emhart... I 294 297 a

Engelhard Corp. J 20 : 194

Enseroh—... I

Esmark -.-

Ethyl

Evans Prod.—....'

Ex Call O

Exxon-

FMC -.;

Faberge- :

Fedders ..!

Federal Co

Federal-Mogul-..!
Fed. NaL Mo
Fed. Paper Brd._|
Fed. Resources..'
Fed. Dop. Storesj

Flaldorest Ml j

Firestone—... j

1st Bank System |
1st Charter Pin-

1st Chisago-...-,
let City BankTex
1st Interstate—
lit Mississippi—
1st NaL Boston—

1 1st Penn.-.

FI sons- -

Fleetwood Int...

Flexl-van

Florida Pm ft L-

Ford Motor

Foremost Mck._.
Foster Wheeler...
Freeport McM—

Fruehauf.

OAF.

a ATX

GTE Corp

, July | July
Stock . 16 15

Seh lumbe rger ...

SCM . - -

Scott Paper . —

Beacon -

Seagram —

Sealed Power ...
Searta (GDI
Soars Roebuck..

Security Pac.

Sedeo —

Shell Oil

Shell Trans

Sherwin-Wms—

Signal -

Signode -

364 364

-21 j 21
■I 64 154

! 244 243*
464 . 464
323* 32T S
37 364

194 187b
863* . 26 7 S
27 4 27
36 344

27 264

234 23
16 !• 164

' 487 3 : 48T S

Simplicity Ratt...- 7? B

Singer — 134

Skyline , «!8

Smith inti .204

Smith KUne Beek 664
Soneata IntL. 104

Southeast Bankg 154
8th. Cal. Edison- 314

Southern Co. *3

3th n. NaL Res. .. 234
Sthn. N. Eng.Tel. 414

Sthn. Pacific 304

Southlands - ‘ 334

S.W. Banc* hares 224

Sperry Corp. 864

Spring Willa- 26

Square P

Squibb 1

STD Brands Paint 254

Std Oil Cl Iforma.:
SW Oil Indiana...'
Std Oil OhiO........

Stanley Wks.

Stauffer Cham...;
Sterling Drug— t

Stevens (J.P.l 1

StokeJy Van K....I-
Storage Tech -... .

Sun Co —..I

Sundst rand.

Superior Oil

Super Val Strs....

Syntax. - —

TRW .....

Talt

Tampax- '

Tandy —

Teledyne

Tektronix

Tenneco —

Tesora Pet —

Toxaoo

Texas Comm. Bk
Texas Eastern ...
Texas Gas Tm ...
Texas Instrinv'ts
Texas Oil A Gas...
Texas Utilities ...

Textron

Thermo Electron
Thames Betts ...

Tidewater

Tiger Inti..— 1

Time Inc -

Times Mirror

Timken

Tipperary

Tonka.

Total Pet

Trane

Transamerica .

Transway-

Trans World

Travellers.......

Tricentral

Trl Continental .
Triton Energy...

TVler

UAL -

UMC Inds

Unilever N.V._. .

Union Camp

Union Carbide...

Union Oil Cal. I

Union Pacific

UniroyaJ-. ,

Untd. Brands--.;
Unt Energy Res.!
US Fidelity G...—

US Gypsum

US Home

us inde..s

us Shoe

US steel,-..

US Surgical

US Tobacco

US Trust

Utd.TechnoIgs...,

Utd.TelecomimJ

vF. J -. n .::;::::::3

Vartan Asaoc*. .

Ver nitron ........ _.|

Virginia EP

Vulcan Matris-..
Walker (H) Ras ...
Wal-Mart Stores

Warnaeo

Warner Commm-
Warner-Lambt_
Washington Post

Waste Mangt

Weis Mkta. — ...

Wells Fargo

W. Point Peppl...,
Western Airline.
Waste. Nth. Am-
Western Union...
Westlnghouse ...

Westvace

Weyerhaeuser ...[

Whealobratr F...'
Wheeling Pitts....

Whirlpool

White Con so ltd-,

Williams Co 1

Winn-Dixie Str..„

Winnebago

Wise Elec Power

Woolworth

Wrlgley

Wyly

Xerox :

Yellow Frt Sys ...•

Zapata. 1

Zenith Radio

277a | 877a
134 134

324 1 314
274 . 27
23 , 234

144 : 144
374 ; 375a
64 ! 64
317 S 314

184 184

334 | 334
04 8"a

314 ! 31 4
1B4 I 144
13J* 134

124 i 134

Early WaU St

AN EARLY rally on WaU Street
yesterday faded, leaving the
market only modestly ahead at
mid-session after further active
trading.

The Dow Jones Industrial
Average, which was up 5.04 at
the 11.00 am calculation, receded
to show a net gain of L71 at
830.38 at 1 pm. The NYSE All
Common Index was up 13 cents
on balance at S63.80, while
advances retained a narrow lead
over declines in the ratio of
seven-to-five.- Turnover came to
40.1Sm shares, almost equal to
last Friday's I pm figure of
.40.27m.

Monte Gordon, of Dreyfus
Corporation said investors were
initially encouraged by the
smaller- than -expected rise in the

weekly money supply, reported
late last Friday.

Analysts said the subsequent
market easing may reflect Wall
Street disappointment that the
prime rate was only cut half a
point by some banks yesterday,
.morning.

. Mr Gordon added that
investors had expected Interest
rates to decline at a faster rate
than exhibited yesterday morn-
ing; He said there was also some
disappointment that the Federal
Reserve had not cut the Discount
Rate, now at 12 per cent, as had
been projected.

Issues in special situations
attracted the most attention.
Giddlngs and Lewis climbed 2}
to S29* in active trading after
the company said it will accept
Amca's improved tender offer of
$30 a share, up from 325.

Mesa Petroleum continued to
climb on acquisition rumours. It
was up J to $18{ in heavy
: trading, adding to a 2] rise last
week.

Sperry was off 1£ to 823 J. Last,
week the company announced a
to p-of-th e-line computer designed
to compete with IBM’s 3083
modeL

.THE ^AMERICAN SE Market
Value Index was up 1.78 at 253.78

Closing prices, for North
America were pot available
for this edition.

at 1 pm. Volume 2.34m shares
(2.22m).

Canada

Aided by optimism over
interest rates after the smaller^
than-expeeted rise In the U.S.
money supply, .Canadian shares
tended to- improve in moderate
early dealings. The Toronto Com-
posite Indent gained 11.5 to
1,433-4 at noon, .Oil and Gas 24-1
to 2.435.3 and Metals and
Minerals 10.7 to 1,339.1, but
Golds shed. 19.2 to 1.7S4.7.

Tokyo

With attention focused on
lower U.S. interest rates, the
prospect that the -rates could
further decline, and also an
upturn hi the yen against the
U.S. dollar, the Tokyo market
brushed ■ aside some negative
news that appeared yesterday
and rallied sharply. *

Blue Chips . figured
prominently is the rise. The
Nikkei-Dow Jones Average
climbed 61.91 to 7,237.80 and the
Tokyo SE index 4.54 to 535.79.
However, volume amounted to
only 210m shares, down from
last Friday’s 280m.

Trading volume was low
because investors were staying
away - . from speculative issues,
which have -been traded heavily
of late, a trader commented.

With the yen appreciating to

finding Japanese Blue Chip
stocks attractive buys, one
trader said. He -said . many
investors believe the yen will
continue to rise to about Y240
or Y245 to the dollar. It was
quoted in Tokyo at about Y2S3
to the dollar yesterday.

However; a trader warned
that due to , uncertainties that
continue to plague the market,
last week's pattern could con- ■
tin up, with a market focusing
one day. oil Blue Chips and the
next on speculative^-

Newspaper . reports that
Japanese manufacturers would
have - to extend employee
summer holidays to adjust to
Idw demand appeared to - have
little effect dn the stock market.

Reports that Videotape

Recorder -Makers . are engaged
in vicious price-cutting ; com-
petition is a slumping market
also failed to restrain share
prices. Indeed, Sony rose Y70
to Y3.320 and Matsushita Elec-
tric Y50 to Y Xfi5Q.

Reports that the Health and.
Welfare Ministry is to investi-
gate the practice : among
•Japanese drug companies of
distributing enormous . quantities
of free drags for promotional
purposes- did not prevents phar-
maceutical issues from gaining,
ground. According to one report,
drug companies spent . up to
Y20bn on give-aways to promote
the antibiotic Cephalosporin.

Toray put -on Y20 to Y359 In
response to an article in a
Japanese economic daily which,
said -that the company was nego-
tiating a joint venture with
Avtek, a US. aircraft maker. A
spokesman for Toray, Japan's
largest carbon . fibre producer,
said that the company is
interested in diversifying into
the aircraft field - and has
received inquiries from various
aircraft makers. However, he
denied any agreements had been
made

Elsewhere. Hitachi advanced .
Y21 to Y5SS^ Fujitsu Y31 to
■ Y772.*' Nippon. Electric YSJ to
Y790, Toyota Motor. Y29 to YS98.
Honda Motor Y19 to Y740. Canon
Y2J. to Y737, Ricoh Y23 to Y493.

tomo Electric Y17 to Y482 and
Sharp Y38 to Y86S. . .

Germany

Aided by a rising Domestic
Bond market and an easier UJS.
dollar. Bourse ’prices rallied
Initially on domestic and foreign
buying. .- However, demand soon
began to wane and. price gains
were somewhat . eroded as
investors showed . preference
for. the Bond- market.. Never-
theless, the Commerzbank index,
managed a recovery, of 5.D . to
684.9.

Motors were favoured, Daimler
IMitting on DM 3.20 to DM 803.70'
and Volkswagen DJI 2 to
DM 138.

West German Bon'd - prices

ros>$ id . respoha^ to
interest' raiek Domestic .ten
on average added .65 pfennigs,
Thp Bundesbank sold Wf 44m

of paper. • - • i - ; - .. * • v

Hong Kong

Stocks, dosed mixed 'wfetraa
easier . bias' after thin dealings.
Uncertainty about Hong Kong’s
pblitical. 'fupire
.weigh .^peculation; of
interest' rates L in the-nfaUHera/
; Investorev'were : cObfUped'’dwer
differing.reietiotsia adtoationa
from - Chlife over few

days that if may fee approaching
some kind. GT ftmifla ; - for .
reunification of Hoog JsOtig.wah
.the mainland. -

- Attention revolved- ;aKR«d ; a
hew. China' news #gefi^.rep«t
in' which Peng 2he0v-,wc«kato-
man - of The -.National Baade’s
Congress, was seen -u jjfcdhstiag-
tiiat reunifleatkm bf/Chtoar. Wifli
Houi KonS. Sk wel^.asLTSfiWM
and "Macao, could ■ W ^egaRy
based on a claus e J n '.Chfaugg hew
draft constitution, . : V- . . .

■ Tbo "Hang.- Seaq® ludefr^ahed
523 to US9S.75. whUh tofaover
on the four exchanges totalled
HK8145J Ira. . m againstir;. ;Uat
Friday’s , EKSJSS.B&n. _=.• ; .. ..

Johannesbii|rg;- -

Gold diares ibcveif .ah^il in
active trading despite an-uhin-

CANADA

AMCA Inti-

Abitibi _...

Agnico Eagi«

Alban Ahjmln.. .

Algoma Steal

Asbestos...

Bk Montraa I

Bk Nova Scotlo._
Basic Resources.

Bell Canada......

Bow Valley J

BP Canada
Brascan A

■rlnco

B, C. Forest-

CIL Ino-.._

CadUUeFalrvlaw,
Can Cement —..J
Can MW EnergyJ

&S.GIUM ( continued) 1 HOLLAND

July IB ; Price •’*+ o>
Ft*. —

July 19 Price + or
- FIs. , —

J Price •
!AusLS (

4,445 4-30
6 .O 8 O 1 +10
2,456! —46
1.132 —8
3,320 —10

1,906:

2,460: -10

2 , 100 '

2,4201 +10

184 I 18
144.! 236a
23 j 124
135a ! 334.
3.40 1J20

8 I 84
19 I 19
64 ! 64
'84 84

224 ! 224

Can Packers.-...! 29 [ 28*4

Con Trusco ! 20 , 204

Can Imp Bank....i 18 174

Cdn Padflc *74 064

Can P. Ent . 144 1 144

Can Tire 33 ; 33

22lg ! 214
374 ! 37
144 j 144

aS ! s5w

57b 57s

2.40 2.40

5.82 j 5J87

Indices

NEW YORK -now JONES

1 July : July i July ! July I July ! July ; i

j 16 ; 16 : 14 < 13 ! 12 1 9 i High

Chieftain

Cominco '

Cons Bath st A. ...]
Corrt. BfcCanadai

Caseka Rea

Costa in_. ..i

Daon Devil

Denison Mines— j

Dome Mines >

Dome Patroliieml

Dom Foundries ~l 294 294

Dam Stores- 134 154

Dohrtor 174 174

Falcon Nickel i 48 42

Genster-.,..— .-. 10?a 11

GL West Ufa. ■ 1JBQ 1.80

Gulf Canada..: — 1 134 134

Gulf Stream. R mj 1.80 1.90

Hawk Sid. Can □ 84 84

Hoirmger ArgusJ 23 23

Hudson Bay Mngj 13*4 ! 16

Hudson's Bay : . I 64 15*4

Husky Oil....: j 5 ! 54

imasco — : 394 : 394

Imp 08 A. ' 234 { 224

Inco-. 114 r 114

IndaJ 104 : 104

Inter. Pipe,.- , 174 1 174

Mac Bloedel ; 174 l 174

Maries ft Spencer! 84 1 8

Massey Farg ' 2J5 2.33

Molntyre Mines.. 27 I 26

Mitel Corp.. ; 234 I 224

Moore Corp- 38 I 564

Net. Sea Prodk Ai 84 I 84
Noranda Mines. J, 144 I 134

Nthn. Tslecom...! ^34 ! *34
OakwoodPet .....1 04 1 10
Pacific Copper...; 1.14 • 1JJ6
Pan can Patrol... 66 .1 65

Patina IS 4 | 134

Placer Dev. ■ 144 1 134

Power Corp j gi* ! 94

Quebec' Strgn.....) 2.30 , 2^5

Petroflna-

Roy ole Beige

Soc. Gen. Banq..)
Soe Gon Beige.-

Soflrtm.

Go tv ay

Traction Elect

UCB. •

VlellleMont

DENMARK

July 19 Prtoe HKer

Andelsbankan.... 114JI — ...
Boitioa Skand — 330 4-5

CopHandalsbank 126 -

D. Sukkerfab 336.0. 4-0.5

Danske Bank 126 I

East Asiatic 86.6 —0.8

Foranda Berygg. 612,4, 4-0.4
Forenede Damp. 395 1 —2

GNT Hldg„ 223.0 —1.6

Jydske Bank 1 178

Mord Kobe! 122

Novo Ind 1,779 -11

Paplrfabrikker - 74

Privntbanken-„ . 123L2 .....
Provlnsbankeii-. 119

Smidth (FI) 187 4-2

8. Be rend nan..:... 499

Superfos 95 —1

ACF Holding-.

Ahold-..: I

AKZO

ABN—

AMEV 1

AMRO- 1

Bred era Cert

Boe kalis Western
Buhrmann-Tet ...:

CalandHId a

Elsevier NDU

EnnJa^-.-

Euro CommTtt .1
G4L-B recedes^ . .1

Helneken :

Hoogovens

Hunter Douglas.
Int Muller—

KLM

Naarden—

Nat Ned'oerL

NedCred Bank..,
Ned MW Bank-.?

Ned LJoyd—

Ooe Grirrton

Om moron (Van). ,
Pakhoed. 1

RUn-Sohelds 1

Robeoo

Rodamco.™ :

Rolinco }

Rorento. — - —
Royal Dutch„.

81 even burg's..— .
Tokyo Pac Kg-.

Unilever.

Viking Res. „ —
Vmf Stork — -J
VNU

West Utr Bank J

.. 80.8:

I 88 .

1 24.6'
. 278. •
i - aa^r

. .157 .
I 60 •

aofc

: 28J
■' is4j)
.! 123.8'
.1 74,5.
.. 75.2

59.5
I5.s|

. 7.9

18.6
88^

23.6
llfi.7

29

111.5
11U
116
22^
T 38J8
23.«
24.8
. 204
.1 124.7
j 201.5
166.8

86.7
79J1

193
150.7
• 107,6

50.5

57.5
71

AUSTRALIA

July 19

ANZ Group.....— J ■ 3.52 j

Aorow Aust ! 1.30 -

Ampol Pat \ IJti |

Assoc. Pulp Pap 1 1.45
Audlmco ' 0.10 [

AusL Cons; ind ' L37 (

AusL GuaranL — 2.16 ;

Aust. NaL Inds... 2.40 !

AusL Paper 1.64 !

Bank NSW 2.47*4 +CUfi

Blue Metal . ,. ^,-1 - 1/J6 I

Bond Hldgs 0.99

Boral-T !..— J 2 JO

■ Heavyweights gBlMdiip to R2,
its-' did Hartles, at RSi RaiK}
Min eg - ' Group prodacerr 3 ^^
strongly to late / trading,.. <m
quarterly results. Blyvows
gained *40 cents at R9.79iaDd
ERPM 80 cents at R8JM)c^ . : ..

Australia -

Markets, made a ‘ ixiixed ^iow-
thg. with some leading Resources
issues advancing oh "a decline in
local interest totes and hupto of
a further easing. of U.S.- interest
rates: '■ ' . "

i Several v toP Mmiog stocks also
responded: so some degree,; to
the:aveiifll xtnprovemewNa:eom-
moditif-priiies recorded 6vtr;the
last week or sp;

JAPAN (continued) "

Price 1 * or

Boral — ’ 2A0

Bl’vllte (topper— I 1A3
Bram bias Inds. _ J^L88

Bridge OU 2*30

BHP --...-JUJ 6,80
Brunswick Oil „ 0,15

CftA 2J»5

CSR 2,8

carftonftUtd ....7 L82
Castlefnaine TVs 3.50
Cl ufT Oil (Aust) ... 036
Do. Opts - 0A1

Cockburn Cemt L28

Coles (GJ.) - 2.08

Comafce ........ .— i.ao

Contain. — 1.32

Dunlop 0A4

EkfeivSmfth OJA 2.7

Mitsui Co- J

Mitsui Rl EsL

MHau-koehL— ^...1
NGK Insulators...]
Nippon Denso™...

Nippon Goldd

Nippon Meat.,—..

Nippon OH..,-

Nippon Shlnpan-
Nippon Steel...— .-
Nippon Sutsan....,

I PRANCE

July 19 Prtoe +«r
ftv. —

Emprunt <4X1375
Emprunt 72 1375.

ONE 5*.

Air Uquida.

Aquitaine

AuPrlntemps

BIC

Bouygues

BSN Qervais-

Carrefaur I

Club Med Iter.

CFAO

CSF( Thomson)...!

Cle Ban cal re

CJe Gen Eaux |

Coflmeg

Creusot Loire .....1
CFP_ |

July-19 Prlce+or

; • ■ Lira ; - 4 :

Assfcur Gen 124,980: +650

Banco: Com 1 le .... 51JM0 +5 ’

Bastogl Fin BO +1

Centrale 1,780 —110

Cfedlto Varesino 5,000

Pat L502 -W 1

Flnsider— — .-81 +!t 6

Invest -. a 2,161 +41

iteleeioenti 23.000, +490

Montedison 88.0 —2

Odvatti 2,235 . +36

Pirelli Co ....; a 150' +74

Pirelli Spa 1,155 -48

SnleVfsooea - 618. +12

Toro Anle 10,000 -r300

do. Pref I 6,aio +20

Endeavour Res..
Gen. Pro. Trust—
Hartogen Energy
Hooker

ICI AusL

Jennings—....
JimbianaCSOcFP
Jones (O). — ; —
Leonard Oil—

Menkatharr a Ms!

Meridian OU

Monarch Pet—..

Myer Emp.

Nat Bank— .^1.

News

Nicholas lOwl^,
North Bkn Hm...

Oakbridge.^_

Otter ExpL

Pan con

Ran Pacific—

Pioneer Co

Queen Matg^t G.
SaeuttftCom...!
Santos ... <

Sleigh (HCjl--!
Southland M’n'g.

CUB
L47

1.75

0,92 -a
1.53
1.10
0.15
1.70
0.10
2A2
1A0
0.15
0.07
1J»

2A4 -OJI
1.86
1A2

1.70 +0J1

1.32 -0J

0A0
US

0.11. +0.01

ue

0A9
LBO,

4JS5
IM
0J&0 ,

us -d3e

2.48

19 Since Cmpll'fn
Low : High [ Low

elndustr'll 1 B28.B7 1 127.34 B2B.S9 824.zal824.87l 8I4.1L 8BS.G2 I 7B8.6! '1811.70 4IJ22

H'meBnds.! 5fl.9fii 68.81, 68.48 ' 68 .Be!u.8g' 59.0li GO Jcr i KM ^ ' 7#>

Transport.. 322.69' 321.18.32Z.M 32L72 , S21.44 i 32a^3j IU.M ! Mj!?3 : 4<7.M 12.3Z I Credit Aktion (2yl/9Z)

' ; l7fll [{21/31 (IB/4/31) (S/7.-52} I

Utilities— ... 107 J7 187,14 107.06 107^1: 189.20 1DG.B2I 11 G^ ! 1MJ1 163.32 10.6

__ -t „ ' j ; i i (7/Bi I 05/1) <23/4/391 (2B/4/42

TradlngVoi: 1 .

000-7 ' SB,74D; B5,9B0 56,1 GO 63,170 74,6901 '66,870' — | — —

1 : 1 I I I ;

Day's high B37.53 low 819.92

MU

|1 j B

EH :

HOLLAND

, AN P«SS General (1979)

tlndusfls 124.39. ISSjasl 125A6] 125.30] 122.61 121.73' 157 M > 118.41 188.88 i 332 I AN P+3BS Indust (1970)

I 1 I 1 1 (4/1) ! lfl/31 <28/ 1 1W (50/1/52) 1

tcomp's te] 111.07! 110.4T 110.44 IIO.Bfl. 109.67 108.83' 122.74; 107 M ! 140^2 I 4.407

Indurt'l dlv. yield X

Indust'l P/E ratio

Long Cov. Bond yield

1 July 7

; June 30 Year ago (approx)

! 6.03

| 5.91 • 4.8X

| 7.54 1

7.70 - S.31

! 13J93 1

13.73 15.14

July July July •' July
16 16 14 13 High Low

63-6763^3863.5662.90 71J80 61.70

I , (</D P/0

Issues Traded 1,816 1.834 1,835

Rises- > 754 ; 708 . 671

Falls -—.I 629 676 [ 723

Unchanged...-.! 433 ! 451 441

New Highs. 61 i 54 | ' 39

New Lows ,..m— i 51 • 40 ■ ' 60

17.6 i +0.4
4^2.1— 0.96
.B.7&. +0.19

Rust Plat

3J» +0JB
3J& +0.15

4,08! +&M

Financial Hand US$0,792
Discount of Sift)

860 1+7

744 -11

(** ) Savurday July 17: Japan Dow (C). TSE (C).

=v, 8a “ r an int,k s» ■" 1 °0 twsept Australia AH Ordinary end Metals—
300. NYSE All Common — 50; Standard end Poors — 10; end Toronto— 1,000: the
Iasi named based on 1975. T Excluding bonds. * iOO Industrials. 5 400
industrials plus 40 UtUltiss, 40 Financial* end 20 Transports. c Closed,
u Unavailable.

1

f

■'* lv

i'ljn

■ la **

Ur?

it

j]v-

Finandal Times Tuesday July 20 19S2

LONDON STOCK EXCHANGE

27

Comparing and Martels

Cheaper credit pressures intensify and Gilts soar
to two-year peaks dragging equities with them

EQUITIES

‘Issue = = S c‘e 1982

stoek

pnee np «;a; - -

P !|a;3So

< b' J af j High Low

Aewunt jDealifigr Dales - extremely tight conditions In
Option money markets, exacerbated by

•First Deciara- last Account yesterday's SOSm call on the
Dealings tlaas Dealings Day receirtly-exteusted short tap
July 5 July 15 July 16 julyZ6 stocfc Treasury Convertible 12}
July 19 July 29 July SO Aug 9 ^ the shorts rose

Aug 2 Aug 12 Aug 13 Aug 23

* " Newtims ” dsaGnys may taka
pises from 3 JO am two business days
earlier .

Increasing pressures . for
cheaper credit both at home and
in America - set .London - stock
markets alight yesterday. Gilt-
edged securities attracted sub-
stantial investment funds and
soared over 1* points to two-
year peaks and were - still rising
after the official dose of - busi-
ness. Leading equities were
relatively overshadowed bat the
FT Industrial Ordinary share
index still staged its biggest one--
day advance, 12-0, since May 24
when it rose -15.2. _

Last -week's-- emalfer-than-
expected rise m UwS. money
supply .strengthened hopes that
the Federal Reserve would
reduce its discount, rate of 12
per cent and American bond
markets responded late ' on
Friday. A stronger pound
yesterday following die collapse
of the rail strike. lower inter-
vention rate* again in UK money
markets, which touched off'
renewed optimism about another
cut dn domestic base -rates, and
U.S. prime ‘lending rate reduc-
tions yesterday completed the
scenario.

The authorities supplied -stock
of the remaining five of the
recently-created ' six £ 100m
tranches, bat were also believed,
to have refused bids. Despite

a full point. Selected high-
coupon longs displayed gains-
stretching . to 1} and . the FT
Government Securities index
jumped 0.79 to 71.98, its bluest
level since July 28 19S0.

Equities enjoyed increased-
activity - in the early trade
before attention turned to Gilt-
edged and business- in the former
then faded away. Selective
demand found stock extremely,
short in cases and some leading
shares scored double-figure
gains. - Sentiment ' obviously
benefited from settlement of the
rati dispute and was helped
fizrther by Wall Street's early
strength yesterday. The Ft In-
dustrial Ordinary share index,
improved progressively, extend-
ing a arise of €.8 at 10.00 am to
a ■ dosing advance of 123 at
589/6.

Discount Houses up

Hopes of a further reduction
tin interest rates and the firmness
of gilts combined to bring about,
double-figure gains in Discount
Houses. Additionally -helped by
the interim statement, Alex-
anders closed 12 to the good at .
250p, after- 252p. Ahead of
.tomorrow's half-year statement.
Union, rose. 10 to 460p, while
Cater Allen put On a similar
amount to . 325p. Gerrard and
National gained 8 to 282p, 'after
285p. and Clive hardened a
couple of pence to 29p, after 30p.

FINANCIAL TIMES STOCK INDICES

July :
19

J .Y

July

14

July

IS

July

12

A

year

ago

Government Seas....

71AB

71.19

714)4

70.86

70.86

71.07

63.14

Fixed interest.

71.95

71J51

71.SB

71.66

71.51

7133

65.51

Industrial Ord ,.j

669.0

666,7

556.4

653^

664*3

657.5

6144)

230.2

«9R n

2E7.9

232^

213.6

207.S

335.2

Ord. Div. Yield

5.42

BJS4

5.51

54)2

5.55

5.53

6.16

Earnings, YldS (fuU)

: 11.44

11.69

11.64

1159

11.66

11.63

1LB1

P/E Ratio (net)

10^9

10.36

10.52

10.48

10.41

10.43

10.63

Total bargains — ...

15,177

16,845

14,826

15,241

16,44^

16,021

16,832

Equity turnover £m.

i4kad

131J52

102.42

3164Mj 116 M

116^7

Equity bargains

•—

12,947

JT/Twl

11,1371

12,369.124)38

11,832

10 am 663.5, U am GM.B. Noon 686.5. 1 pm 5B7.1.

2 pm 567.1. 3 pm 568.2.

Basis 100 Govt. Saca^ 15/10/26. fixed lot. 1928. Industrial 1/7/35.
Gold Minos 12/9/56. SE Activity 1874.

Latest Index 01-248 8026.

•NU-9J7.

HIGHS AND LOWS

S.E. ACTIVITY

SinceCompUafn

BtgJvel

: Low.

High

Low

GovtSecs^

71.98

(18,7)

6139

fill)

127,4

(9/1/35)

49.18

(5/1/75)

Fixed 1nL~_

71.95

(wm

62.79

(7(1)

150/4

kSB/11/47)

60.53

J5/U7B)

ind. Ord..._,

694.0

(8#B)

'618.1.

' fill )

087.3

(50/4/91)

49.4

(28|«H*)

Gold Minos-

302.0

wiy.

lax*

vw

658.9

(22/8/88)

' .-

J!

Bargains—
Equities— _.j
Bargains-

Value -

Btopalhe-.
Equlties
Bargains..,
Valuo.,

July

16

911.71

83 .9

299.6;

2 10 A

78 JO
248.61

Ju

%

2013

76.7

265.8

205 A

783

240.9

With, the exception of Midland,
which added 8 to 340p. the major
clearing hanks dosed rarely
changed. Lloyds, -which, starts
the interim dividend season
Friday, fceM at 382p.

Royals stood out among -form
Composite Insurances, risin g 15
to 362p in response to Press
comment. Renewed speculative
support on hopes of a bid from
Allianz *eft Ragle Star 7 higher
at 366p. General Accident
advanced 8 to 308p as did GRE,
to 288p, While Commercial Union
improved 5 to 140p. Elsewhere,
Hambro Life at 25»p, picked op 8
of last- week’s drop of 36 .which
followed disappointing hew life
business figures. Equity and
Law Life. rose 10 to 43©p av did
Pearl, to. 378p. In Lloyds
Brokers. Hogg Robinson
- hard ene d 2 to lOlp -ahead of
today’s preliminary figures. **

Official London -dealings began
yesterday. in Sarakreek. the
Dutch property trust, with the
price at $25 L

A reasonable two-way business
developed* among leading
Breweries;- a slightly easier tone
was evident after the official
dose, ! but .most still retained
useful gala*. Arthur Guinness
.firmed 2 4o a 1982 peak of 89p.
while-. AlUed-Lyons added a like
amount to _102p; the latter’s
annual meeting is scheduled for
today. Bass rose 5 to 222p, after
223p, while Whitbread, 115p, and
Grand Metropolitan, 238p, both
added 4. H. P. Bulmer continued
to make spectacular p.rogress in
the wake of last week's excellent
preliminary statement and
advanced 42 more to 515p xd.
Merry down Wine, annual results
-expected during this Account,
hardened 6 to 118p. Elsewhere,
Distillers continued to draw
strength from the better-than-
expected full-year profits and
surprise dividend increase and
closed 3 dearer at 191p. Arthur
Bell were marked 4 higher at
ISOp in response to favourable
Press comment.

' Hopes of lower interest rates
encouraged selective haying In
the Building sector. Barratt
Developments were- well to tihe
fore with a rise of 8 to 278p.
Blue Circle improved a similar
amount- to 447p, while London
Bride gahied 3 to 99p. William
Leech encountered support, and
put on 7 to 57p dong with Y. J.
Lovell, 5 higher at 140p, the
latter awaiting ‘ Thursday’s in-
terim statement. Stfll reflecting
the recent good results, A. Honk
firined 21 more to 73 d xd. Mix-
concrete rose 5 to 182p. com-
pared with the offer worth 155p
per share from Pioneer Con-
crete;. Mfcxconcrete has stated
fbat'jt intends to figit the bid.

ICI staged a noticeable revival
m.-CSiehncals, moving afeea^, .to.,
clbse ardund the -Say's best with
a gain k£ 8 at 310p. Elsewhere,
Amersham were good at 243p xd,
up 1L .

Store majors finished with
good gains; although the rises
owed more to general market .
conditions toan to any appre-
ciable - increase hi turnover.
Gussies “A,” helped by Press
comment, dosed 13 bidher at
4ft! p, while Habitat Mbthercare
unproved 6 at 149p. Support
was noted tor -F. *W. Wool worth.

li dearer at 50ip; the interim
figures lire due early next month.
Business in secondary issues was
of a selective nature. Still
responding to good figures and a
scrip issue last week, Asprey
finned a point more to £12}.
Martin The Newsagent 328p, and
House of Lerose, 108p, added S
and fi respectively, while J. Hep-
worth return to favour and
added 3 at 92p. Dealings in H.
Goldman, one of last year’s
speculative favourites, were
suspended at 19p pending clari-
fication of, the company's posi-
tion.

Electricals wanted

Leading" Electricals began the
week in , fine styfe. Buyers
appeared toom the word go and,
with stock in short supply, were
soon recording good- ' gains.
Comment in the wake of the pre-
liminary results helped Thorn
EMI, up 17 to 422p. while Baal
advanced 15 to 4S0p and the
recently unsettled B1CC,
retrieved 12 at 300p. Plessey
put on 7 to S07p and GEC i
more to £10$. Reflecting the
strong first-half profits recovery.
Scan Data jumped 15 to 125p.
Lee Refrigeration added 15 to
260p, while AB Electronic put
on 13 to 240p as did MK, to 403p.
Still drawing strength from last
week’s good interim figures,
Eurotterm improved 9 afresh to
456p xd, vihtie Mnlrhead also
rose 9, to 172p, on revived hopes
of a bid from Tyco Laboratories
of the US.

Tbe Engineering leaders main-
tained last Friday's firmer trend.
T1 were noteworthy for a rise
of 4£ at' 104p. while Hawker,
330p, and GKN, 148p, improved
6 and 5 respectively. John
Brown edged up 2 to 54jp await-
ing Friday’s preliminary figures.
Selective buying was evident in
some of toe second-liners. Still
reflecting last week’s results,
G. M. Firth improved 8 more to
160p. Matthew Hall attracted
occasional support and put on 9
to 204p along with Haden, 5 up
at I92p. Crown House responded
to increased annual profits with
a rise of 4 to 83p and Press
mention stimulated interest in
Howard Machinery, which firmed
2 to 23p. - Davy Corporation
Closed 4 higher at 125p ahead of
Thursday’s animal results.
Against the trend. Moss En-
gineering encountered fresh
offerings and gave up 3 to a
1982 tow of 57p. ’

Long & Hambly good

Food Retailers made a firm
showing. Tesco stood out with
a gain of i to 75p on reports of
boardroom Changes. Associated
Dairies, 124p. and J. Salnsbnry,
340p, added 4 and 7 respectively.
Elsewhere, comment in toe wake
of toe annual results lifted
Unigate 2 to 90p, while Asso-
ciated British Foods rose 4 to
142p and Huntley and Palmer
added 6 to 97p, the last-men-
tioned after cafll option business.
British -Sugar firmed 7 to match
toe offer tenms of 470p per tfoare
from S. ‘ and W. Bertsfozd, a
penny harder at 137p.

MlaceDane om * . industrial

leaders began toe new Account
strongly. After Friday’s fall of
43 following Italian doctors’
criticism in the Lancet of the
group's Zantac anti-ulcer drug,
GUuco rallied to 772p before
closing a net 9 dearer at ?62p;
Beecbam advanced 9 lo 299p,
Metal Box, with the help of Press
comment, firmed 8 to 160p, while
similar improvements were seen
in Bowater, 201p, and BOC, 16Sp.
Pilldngton pnt on 7 to 195p and
Boots 6 to 222p. Elsewhere,
Long and Hambly jumped 4 to
81 p on bid speculation and Fobel
International followed Friday's
leap of 10 with a fresh gain pf
4} to 30pj after 33p, following
comment on the excellent re-
sults. Hollis Brothers and ELS.A.
improved* 3 more to 15p in re-
sponse to recent comment, while
Gestetner "A” added 4 to 47p
ahead of tomorrow’s interim
figures. Press comment prompted
rises of 6 and 12 respec-
tively in Hanson Trust, 172p, and
Rolfe and Nolan, llOp. while
Slebe Gorman firmed 8 to 190p
on the annual results. Initial
reflected the satisfactory pre-
liminary figures with a rise of

5 at 253p, while Sketchley added

6 in sympathy to 269p. Sup-
ported up to 306p initially,
Vinten retreated to close a net
10 lower at 286p following
the disappointing preliminary
figures.

Talk of further base lending
rate cuts in the near future
prompted gains of a few pence
In the Property sector. York
Mount were marked up 4 to 5 Op
in response to an investment
recommendation.

Oils steady

Oils to owed few signs of mak-
ing a worthwhile revival, but
maintained the recent slightly
better trend. Shell edged up 6
to 400p, but BP closed a couple
of pence cheaper at 266p after
having held steady tor most of
the day. Among the exploration
issues, Eglington ended 15 higher
at 115p after 125p, following news
that a further three Texas oil
wells have been successfully
completed and tested. Buying
Interest revived in Marines,
winch gained 8 to 113p, while
demand was also forthcoming for
Carless Capel, 4 higher at 170p,
and Candecca, a similar amount
dearer at 212p.

Shippings were relatively
quiet, but favourable Press
mention stimulated fresh demand
for British and Commonwealth
which, rose 14 to 482p and
Hunting Gibson, 8 to the good
at llOp. •

Selected Textiles made useful
progress although rises were
often attributable to a favourable
weekend Press. Nottingham
Manufacturing were outstanding
for this reason and, in an active
trade, advanced 12 to I90p; toe
interim results are due later tins
month. - Courtanlds firmed a
couple of pence to 79p, while
Allied, annual results expected
on Friday, hardened 3 to 180p.
Harold Ingram, 2 up at 19p, and
Nova Jersey, 3 dearer at 74p xd,
both benefited from Press com-
ment, while Stroud Riley
Drummond announced near-

doubled annual profits and
touched 60p before settling for
a net gain of 3 at 5Sp.

Rothmans International

attracted good support awaiting
today's preliminary results and
closed 4 to toe good at 98p. Bats
rose 10 to 465p. while Imps
added 2 to 99p.

Golds advance

The two major sectors of
mining markets. Golds and
Australians, made a bright Start
to the new Account, boosted by
continued firmness of the bul-
lion price. The latter was finally
S2.5 higher at $347.5 an ounce,
having touched S350, following
further prime rate cuts by UJS.
banks.

Golds raced ahead from the
outset with widespread and per-
sistent buying continuing to find
toe market short of stock. Clos-
ing levels were generally a
fraction below the- day’s best
reflecting modest profit-taking in
the after-hours’ trade but gains
remains sufficient to lift the
Gold Mines index by 52 to 230.2.

Marginal Golds continued to

attract heavy support with
Durban Deep SO up at SOOp and
East Rand Proprietary 50 better
at 370p ahead of the profits for
the June quarter.

The next batch of quarterly
reports, those of the gold mines
in the Anglovaa) and Johnnies
groups, will be published to-
morrow.

Among toe heavyweights. Vaal
Reefs were active and closed 4
to the good at £27$: the interim
dividend is expected on Friday,
along with declarations from
Sooth vaal. South African land
and Western Deep.

Australians shrugged off last
week's record balance of pay-
ments deficit and made good
progress following the cuts in
U.S. interest rates and the firm
opening on Wall Street
' In the leaders. Western Mining
rose 15 to 176p, MIM Holdings
12 to 168p, CRA 8 to 17Sp and
Bougainville 6 to 73p.

Favourable Press comment and
continued firmness in the bul-
lion price saw Gold Mines of
Kalgoorlie rise 15 to 180p.

Increased volume in Traded
Options- saw 2,872 contracts
struck — 1.716 calls and 156
puts. Last week's daily average
amounted to 1.721. A large pro-
portion of business wag centred
on toree stocks; ICI recorded
258 calls with 101 struck in toe
October 3 00's. Imperial Group
and Lonrho attracted 242 and
207 calls respectively, with toe
latter’s November 90's account-
ing for 128.

RISES AND FALLS
YESTERDAY

Rises Fells Seme

RECENT ISSUES

si a t +(

t — i

id -

5Q

a i‘2* £w

isss'isia-Eg

Epgo^B!

" F.P.I -
" ,r.p. -
*. r : - 30 -7
" ,F.P. -

*860 ;F.Pi£J(8
S45 ;F,P„ -
4fi F.P.30,7
{90 F.P.25.6

16 !F.P.:l»f4
|260 iF.Pj 4/b
1 516 , F.P.'50;7
?50 ;f.p.8B/5

- F.P.I -

- FJV -
I874F.P.25/6

560

£137

1105

600

{ISO

77

140

U

1F.P.: 6*
F.Pv30f7
T.P.| 2/7
JF.P.- 2/7
F.P.'IS/B
.F.P. 14i7
.F.P. 8B/6
! FJ». -
F.P. -
F.P. —

; 43 i 40
B2l t ' 79
16 U

48 : 41
‘287 £60
; 48 [ 43
I 58 1 60
•103 i 90
. 38 . ! 19
486 893
I 69 ; 52
173 <140
il06 5102
63-62
98 I 84
: 17 ‘10
' 60 1 S5
.195 ;150

.121 [no

630 395
'155 150
' 97 j 88
188 1 160
586 ,SB5» a
44 i 37 »2
90 i 40

Anglo-Hordic 5p

; t l

!Jj

40 22.5

jAntofogasta Hldflsici BO i«-l ; 7.0 : 3.61 J2J, 2.4
Argyll Foodo Warr t*.l « ■ — j —

Ar gyle Trust 5*

lAesoc, Heat S«rvieei;2B5

Atlantia Rea. Int ; 44

Balrataw GveaBp 54

!■{• Black (Michael) 80p| »

Cambrian a Gan. 7ip. 30

|F9iO J 9 J4.5’ *

jbL61; 2JS; 4JISJ
u3.0 ! 3.4, 4J 12.5

S^enr. Mlcrovm've .^ |-W |b6 J5, 3.9 1.7 1S.3

*Don»r* ....! 52

4>Pruek Hldga. 175

!lEroWcNewdroii'i«

I* Do. Dafd 1 88

I Electro- Prat. USSS.50: 92-
I 'Group InvOpUon*,...' 12-
l4•KniRlTt Cmptr Intop 55
1 * McCarthy ft Stone... IBS
|*MHm 33 JOp 117

i + r’-bM !a.5[l.9S011

!— 2 :MI0.6 l.BjU.7 4.5

i+j " |uQlJe8.*a9 12.4

[-3

-I

!bd1.6 2.0 42 17.5
05,75! 2.7 4.4 11.1
ud 2J1 1 4.3 4.4 10.=

'Orlll&me SA lUS3l.M) 620 ! bfi»C 2.2 4-5 B.B

^Oilfield In 3D. Srvc _ 155
^ Radio City 'A' NV..., 91 +1

4-Ruddle 10.1 *0p... . '180 ...
Sarakr'k twararDd^S 25i? ...
walker fAirredi lOp..i 57 iv ....
Zambia Cons Cpr IDK' 60

u2.i 1 5,7 8.0 ir.4
:b6.6 ' X.5 8.B 15.7
03.3 Z.6 2.6 51.3

QS2.M 1.2 9.0 9.1
b0.75 5.3 2.9 7.0

FIXED INTEREST STOCKS

** d
Issue : | a
price 1 03

£ . E*a
. < 0 .

15 S-

•as 1 ’

1982

Stock

K i High Low }

|»+ or

:

5a ■

*' i F.P.
:100 F.P.
r xoo 'cio
Eioo : nii
rr 1 F.P.
101 F.P.
P100 F.P.
BB.BSi £25

100 ; f.p.

100 FJ».
100 F.P.
B9.S4SI C25
noo > Nil

, . _ Antofagasta 3.5X Prof.lCH S7p -3

9>7 107 | 99 iBanlox B% Oonv. Cum. Rd.PT. ... . 100

126)8 -121*1 lOtfiBourOBmouthWaterOo Red. Prf.'87B9. |2i; . ..

*29i7 pmi<4 pm Crontte 14%Cnv. Uns. Ln.‘B3 »i pm • ..

< — t 146i>jl50 'First Nat. 18«pc Conv. Una. Ln. 1987^ X39 - I
■ion <109 107 i4>Lbn&Cont1USConv.Sut> Une-Ln. - S6-02 108

9/7 '101 91>c;MarlboroughProps.lDSCnv.Ln.‘H »nni 9H? 1
8110, 28 23VMIdtand Bk. 14% Sun. Uns. Ln. 2002-07.’ 28 -Hi
j - ! 1007g 100 fs NatlonwIda Bdg. Soc. 13 : js i3;6fB3i^ 100)3 - ■*
~ '1007*! aOT a l Do. 14% <4/7i83).. lOOTs - ‘j

J — [ 1 00 tgt 200/e 1 Do. J3>rt i2Si?, B3>.. tOO'j . .

: — l -87»* &4i| New Zealand 14 i«i 1987 -27)0 *7*

1 23/7 7ppmj ppm: Rotaprint U>eX Cum. Conv. Red. Praf ippm

u RIGHTS'’ OFFERS

S9-

Latest

I

Issue ! 5= J

Renuno.

1982 !

data

P . 35. j

• *

High | Low j

Stock

166 I
170 1
103 J
26 ‘
78 I
174
26
65 .
50 I
326 [
216 1

i 9;7 6/8 !

13/6 24/8 j

F.P.

F.P.

Nil

Nil 12917 26181
NII ; - -

F.P. !l8/B 30/7
NU ,26/7 3/9
Nil
FJ*.

F.P.

F.P.

I _

•24/6 15/8
{17/6 30/7
6/7 13/B

195
190 .
16pm
l'tpm

*1
•rpm,
18pm
61 /
448
263 I

168 {Applied Computer Tach ;

1B0 ’Bank Leuml I UK) £1..

1 5pm 1 Blundell Parmog laze 1

lpmiOrontte I

3pmlGool Pet. 5p -

218 iGrandMetBOp

ispm Jenks ft Catted |

Bpm'M meter Assets

62 IPreaa (Wm.1 lOp

380 saatchl ft Santo ru lOp

269 |skotchloy„

CO

S u + or

19S i *-3
185 1 —6
18pm +1

lpm.

6pm

240 < 4

ijpm

12 pm *1

59 ....

420 1+3
269 1*3

Renunciation date usually last day (or dealing I roe el stamp duty, b Figures
based on prospectus estimate, d Dividend rate paid or payable on pert of
capital: cover beeed ‘on dividend on lull capital, g Assumed dividend end yield,
r Indicated dividend: cover relates to previous dividend. P/E ratio bated on latest
annual earnings, u Forecast dividend: cover based on previous year's earnings.
F Dividend and yield based on prospectus or othar official ostimaied (or 1983.
Q Gross. T Flguioe assumed, ft Figures or report a waited. 1 Cover allows for
conversion o( shares not now ranking (or dividend or ranking only (or restricted
dividends. S Piecing pries, p Pence unless otherwise indicated. m . Issued fay
tender, g Offered to holders ol ordinary shares es a "rights.*' •• Issued by way
ot capitalisation. Si Reintroduced. 37 Issued in connection with reorganisation
merger or take-over. |IH Introduction. □ issued 10 former preference holders.
■ Allotment letters (or fully-paid). • Provisional or partly-paid allotment letters.
* With warrants. It Dealings under special Rule. * Unlisted Securities
Market, ti London Listing. t Effective ieeuo price after scrip, t Formerly
dealt in under Rule* 163(2) (e). tt Unit comprising fivo ordinary and three
Cep. shares, ft Issued free as an entitlement to ordinary holders.

ACTIVE STOCKS

Above average activity was noted in the following stocks yosterday

Stock

Barrett Developments

East Rend Property—

Firth (G. M.)

Fobei International ...

Closing
price -
pence

Day's

change

Stock

Closing

price

pence

Day's

change

102

+ 2 •

GEC

CIO 1 ,

+ 0**

27B

+ 8

Hall (M.)

204

+ 9

800

+80

Nottingham Manufactrg

190

+12

370

+ 50

Royel Insurance

362

+ 13

160

+ 8

Tesco

75

+ 4

30

+ 4*,

Thorn EMT

422

+17

FRIDAY’S ACTIVE STOCKS

Beeed on bergeina recorded In SE Official List

British Funds

85

1

5

Friday's-.

fnday’a

Corpns Dorn ft

No. of closing

No. of closing

Foreign Bonds ...

39

1

36

price price

Day's

price

■ price

Oiy’s

Industrials .....

412

•96

829

Stock

changes pence

change

Stock

changes penes

change

Financial & Props...

- 206

42

264

Glaxo

47 753

-43

Imperial Group

13

97

- 1

Oils

35

17

64

Baechim

26 290

- 6

NatWest

13

440

+ 8

Plantations

• 2

5

IB

Hambro Life ..

25 251

-21

Rscsl

13

465

+ 5

Mines

73

76

ICI

15 302

+ 6

UD5

13

70

■raw.

Others -

53

65

41

Lonrho

14 86

+ 2

Dowty

12

M3

- f

Thom EMI ..

14 - . 405

+ 5

Leech (W.) ...

12

50

+ 2

Totals

906

23S

1.321

Tndent TV A:.

14 - ‘ • 74

+ 1

Lloyds

12

382

+ 7

FT-ACTUARIES SHARE INDICES

These .Indices « the joint compilation of the Financial Times, the Institute -of Actuaries
and the FacoRy of Actuaries •

EQUITY GROUPS
& SUB-SECTIONS

Figures In parentheses show nuntier of
stocks per section

1

2

3

4

5

6
8
9

10

21

22

25

26
27
29

32

33

34

35

36
39

41

42

44

45

46

51

59

61

62

63

65

66

67

68

69

70

71
81
91
99

CAPITAL GOODS (209) .

Buikflng Materials (23) .

Coatraefioa Oonstovctftw C28>.

EJectricab (31) .

Engineering CXWractorsaiJ--

Mpctanlcal Entering (671 —

Metals and Metal Forming CL1> .

Motors (20)-

Other Industrial Materials 08) .

CONSUMER GROUP (202)
Brewers and DtstlUm (22)

Food Manufacturing iZ2)

Food starting 0.41

587J06|

4M.m|

197A2

147.97

8523

354JZ7

31416

33313

S HeaHSi and Household ProtoctsW)

Leisure (231

Newspapers, PaMhUing 031.

Packaging and Paper (141 _

Stores (451— :

Ta«tiles(23)-_ —

Tobaccos (3).

Other Consuner (14J —

OTHER GROUPS (76).

Chemicals (151 .

Office Equipment (4>.

Shying and Tratgxri 03) —

MieceHaneom (441 —

IHDUST1MALSRCUP(487) —

1111 hum

soosHAgenfflEX.

nHANCLAL GROUP (117).
Bankste).

Ossount Houses (9)—; —

Insurance (Life) (9)

Insurance (GofUJOshe) (10) -
Insurance Brokers (7) — —

Merchant Banks 02)

Property (49) _

Other Financial (151 .

Finer

ImesimentTnaB Oil)
Mining Finance (4).

Overseas Trad ers (18).

ALL-SHAfffi INDEX (7501 .

Mat

SO 739f
413.93

346.10

26112

255l36|

33556

10135

56657

334.94

335.461

362.67

246.13
267 JO
242-92
26078
160.71
513J6
129.91
402-17
166JO

200-19

362.11]

Change

%

+18

+L2

+0.9

+23*

+18

+L2

+18

+13

+L7

+2.9

+17

+15

+22

+22

+24

-03

+29

+20

+22

+23

+03

+21

+27

+26

+13

+L6

+19

667381 +0.4

+17

+14

+0J

+28

+24

+10

+10

+02

+10

+10

+08

+21

-0.9

+18

aly 191982

Q

Thn

Wed

Ml

14

a

Yrer .
ago

bWRBL)

Ed-

Gras*

£sL

m

■

Earnings
Yield %

Oh.

Ytekl%

WE

Ratio

tides

kdex

bdnt

(UskJ

(ACT
at 30%)

(fct)

Not

Nol

y

19

No.

M2

420

1320

39121

ESI

3081

32.68

&U

930

3ZL3B

29668

I4J95

526

&02

58167

58698

58669

55375

662

204

19J.9

155618

155235

V.L-j

tilLL; 18

W*

624

932

mJB

47760

rjjri

47528

48207

HAS

5l9B

1039

19524

19464

19439

28454

12-45

820

9-95

M561

1®57

1C25

MS.93

ma

2.92

820

8412

8430

8510

8574

9575

10.46

&03

1169

348J0

35156

35672

35536

SB7B

32.73

561

952

30853

388.71

30733

30639

27148

1430

624

• 847

32753

32676

322.92

32235

29908

2736

721

6M

265.29

2M-75

■ A a f

26539

25567

9J1

1C

13.47

6H5»

63401

TV

Mteate

638.97

52172

683

333

1727

49658

53417

a. I

UAL

13.60

566

623

1211
9 25

48443

50259

40471

530-79

C- J

17-03

761

fttrr

0748

13702

13692

M842

14422

10.42

560

1274

27358

27L07

26937

25439

1414

655

861

16069

16690

7039

15566

733

561

338.41

33948

3927

2CL01

6-33

597

3897

26029

26224

>■ l 1

26309

29707

13.92

1414

659

7T2

822

848

25021

32684

24884

32534

248JS

32938

219.72

26901

16.05

861

765

9879

9668

95LZ1

38703

1886

726

645

55916

599.72

56364

■- - * -M

1262

564

1019

32937

329.44

329 JO

29264

W*L 3

EU3

1

Esm

E33

20900

grsn

W*7\

477

66513

C20

E33

IV

1^11

m-iuM

8.94

3560

E53

35692

353.92

6.89

—

242.74

SE

242-91

2002

a&m

38.47

&50

285

266.44

2S

26434

26505

27860’

939

0625

23820

26764

660

’ ^

26235.

267.78

268.95

26809

an

1560*

t rtr

15667

15616

MW7

10.%

505

1249

50835

51026

52138

52461

.39905

6.S3

12963

13U8

13202

17489

■Tl

452

2559

m

ma

39L96

SB? Tl

639

627

26438

VX IX

17942

561

**•:>»!

ZW27

29661

291s.

30482

24449

15.79

7.09

195.43

19334

.19470

1417

885

867

35728

35652

42705

—

5.97

—

32623

325J1

32Sl0L

32449

3310

fixed interest

PRICE

INDICES

Mon

July

19

a

Frt

July

16

xd ad)
today

xd afi.
1982
10 ibte

•

MU tomtisuM

m

+0.44

031

692

2

5-15rais— i:.--

Kwj

+124

11457

032

834

3

0wl5j«wv •—

+136

11926

—

7j64

4

lirUemfehS ^

12438

+151

12252

. —

727

5

AlStods^..

13641

+183

USAS

022

756

Mnluutti

9005

+103

9836

ma

646

~

IT...... jj mm

E3

+009

66391

021

329

m«Ua«e from the Publishes, the Financed Times, Bracken House, rannon sot*

• Corrected figures far My 36.

NEW HIGHS AND
LOWS FOR 1982

NEW HIGHS (135)

BRITISH FUNDS (52)

INT. BK. & O-SEAS GOVT. FUG. ISS. (4)
CORPORATION LOANS CI2>
COATWEALTH A AFRICAN LOANS (Z)

LOANS (6)

'AMERICANS m
BEERS (4)

BUILDINGS (3»

CHEMICALS (5)

DRAPERY ft STORES (1)
ELECTRICALS 1111
ENGINEERING (4)

FOODS CS>

HOTELS (1)

• INDUSTRIALS <12J
LEISORE <T>

MOTORS (3)

PAPER (1)

SHIPPING (1>

TEXTILES (21
TRUSTS (2)

OIL ft GAS (2)

NEW LOWS (55)

AMERICANS (51

Ctase Manhattan Trantamatlcu

Rep. N.Y. Coro. Zapata

Tenncco

BANKS (4)

Brown Shiiriov Sec. Pacifle Corn.

JaxetHi CLaooold) WeHt Fargo

BUILDINGS IS)

Crouch Group • F ranch Parker
STORES (4>

Lae Cotmer Walker U.) N.V.

VOntofia Waring ft Gfftuvr

ELECTRICALS (1)

Forward Tech.

ENGINEERING (S’

Bristol Channel Green's Economiser

Brotherhood (*».» MOB En*.

Caooer-Nen' (1>

England U. E.)

INDUSTRIALS (71
Ashley IndL Tst. SolKItprs Law

Francis In da. Stag FiirWtnre

G.R. Inds. Stone hi n

IX. Industries

INSURANCE (1>

Ins. Coro. Ireland

MOTORS (21

GUnfeM Lawrence Jessups

PAPER {11

Smith fDaWd 1 ...

PROPERTY (ft)

Allnatt London TlgiinM In*, ft Sere.

Centrovlnctal G o- Ciw - Fref.

TRUSTS (SI

rrescent jaoan Leda ln*. inc.

Oc nl. Fan ds Con*. Hambro Trust

GnrMrkr In*.

OIL ft GAS 171

Airier. Oil Fields Gaelic Oil

British Can. Res. Gvlhtrcam Res. Can.

riuB oil Penine R».

DD " We EiS " e RUBBERS id

Angio- Indonesian Kuala Keooog

Highlands MalikOB

Patino

MINES (21
Pahang

OPTIONS

First
Deal-
ings
July 12
July 26
Ang 9

Last
Deal-
ings
July 23

Last For
Declare- Settle-
tion meat
Oct 14 Oct 25

Ang 6 Oct 26 Nov 8
Aug 20 NOV XI Nov 22

For rate indications see end of
Share Information Service

Money was given for the call
in Laganvale Estates, TL Single,
Huntley and Palmer, Charter-
house, United Scientific, London
Investment Trust United
Engineering, Cope Allman,
Fobel International, MFL Block
and Edglngton, J. Hepworfb,
William Leech, Charferhall and
Trident TV A. Puts were com-
pleted in Bowater, Andiotronic
and Moss Engineering, while
doubles were arranged in
Charterhouse and Lonriw.

WORLD VALUE OF THE POUND

Tha tabls below ghras tba htsst of baying and salDng tatu
avail Ate rate of Bxcfiaogo for tho where they are shown to ba o thgnvte e .
pound against various cananetes on In some rases marks: rates have bom

July 19. 1982. In som« eases rates in calculated (nun those of foreign
nominal. Marts: rate* are the avsrsg* currencfe* to which they an tied.

Abbrev ia tio ns : (A) appraxhnsla rets,
no direct quotation available: (F) free
rate: (P) based on U3. dodir perWat
and going Btarffng/dollar rates: (T)
tourist rate; (Bas) basic rate: (bg)
buying rata; (Bk) bankers’ rates; (on)

cocnmorclsl rate: fch) eonvartfafe rate:
(In) Unsocial rates (asC) a ac h anga
certificate rats: (nc) non-commer cia l
rate: (nom) nonhial: (o) offiolal rate:
(sg) aaiDng rats.

PLACE AND LOCAL UNIT

Afghanistan Afghani

Albania. Lek

Algeria Dinar

*"*■"*■ — isss,%s.

Angola Kwanza

Antigua (5) E. Cart bbean 9

Argentina- As. Paso .

Australia (S) Australian 5

Austria. Schilling

Azorat Portuguese Escudol

Bahamas Ba. Dollar

Bahrain... Dinar

Balearic Isles Spa. Peseta

Bangladesh .... Taka

Barbados Barbados S

Belgium . — B. Frane

Belize B S

Benin C.FJL Frano

Bermuda. Bda$

Bhutan Indian Rupee

Bolivia Bolivian Peso

Botswana. Pula

Brazil Cruzeiro

Brit virgin Islet.... U.S. >

Brunei Brunei S

Bulgaria Lev

Burma Kyat

Burundi Burundi Franc

Came ro'nRe public C-FJL Franc
Canada, Canadian s

Canary islands,. BpanlshPeseta
Cape Verde Isie,... Cape V. Escudo
Cayman Islands.... Cay. Is. S
Gent. Afr, Republic C.F.A. Franc

Chad C.FJL Frahc

Chlls c. peso

China. Ronmlnbi Yuan

Colombia C. Peso

Comoro Islands,.... C.FJL. Franc
Congo IBratavillei. C.FJL Franc
Costa Rica... Colon

Cuba Cuban Peso

Cyprus Cyprus £

VALUE OF
£ STERLING

Czechoslovakia. Koruna I

Denmark ;. Danish Krone

Djibouti i Fr. i

Dominica E. Caribbean S j

Dominican Re pub. Dominican (Paso) j

Ec u a d or Supra

Egypt. Egyptian £

Equatorial Guinea Ekuele
Ethiopia Ethiopian Birr

Falkland Islands^..

Faroe islands.

Fiji lslnd»_

Finlend..,

France....,

FranehC'tyin Af*_.

Frenoh Guiana

French Pacific is...

Gabon

Gambia

Gar many (East)_._

Germany (WestL...

Ghana

Gibraltar.........

Greece

Falkland is £
Danish Krona
Hi 18
Markka
French Franc
C.FA. Franc
Local Franc
O.F.P. Frane
CLFJL Frano
Dalasa
Ostmark
Deutsoh Mark
Cedi

Gibraltar £
Drachma

99.00
1020

7.9085

21.9185

193.70

I(CM> 60.7025
iCH 62.691
4.70

(cm) 35,429
Ifni 65331
1.7160
30.145
14635

I. 7375
0.655

192.50
33.25
3.4760
((cm) 81.60
l(fn) B7.46
3.47 SO
695,626
1.7376
16.80
i (oml 76.45
i(FXA) 173.76
1.9190
311.65
1.7375*
3.7170
1.5720
13,75
158.165

695.625
2.1890
193.70
95.30
1.4479

596,685

595.625
(Bk)BO.08

3.33619
(F) 111.S9

695.625

595.625
.(0134.75 (3)
i|F)6SJS0

IA570
0J45O
.(com) 10.90
\ n/c 18.99
l m 18.36
14.83
300 fag)
4.70
1.7375

1(0)57.71
1(F) 105.11
(U) 1.445 •
367,4
(P) 3.5400

lfl

1433

I. 6560
882126

II. 9128
505,695

II. 9126

200 (sg) -

596.625

4.0
4J9
4.79
4.72
1 JO

120.643

PLACE AND LOCAL UNIT

VALUE OF
£ STERLING

Greenland

Granada —

Guadeloupe

Guam

Guatemala

Guinea Republic..

Guinea Bissau.

Guyana

Haiti

Honduras Repub..
Hong Kong

. Danish Kroner
. E. Caribbean S
. Local Frane
U.S.S
. Quetzal
- Syll
. Peso
Guyanese $

Gourd

Lempira

H.K.S

Hungary. Forint

Iceland

India

Indonesia

Iran-

Iraq..

Irish Republic

Israel

Italy— —

Ivory Coast

Jamaica

Japan-

Jordan

1. Krona
. Ind. Rupee
. Rupiah
Rial

. Iraq Dinar
Irish £

Shekel
. Lira

. C.FJL Franc

. Jamaica Dollar
Yen

. Jordan Dinar

Kampuchea. Riel

Kenya Kenya Shilling

Kiribati Australian S

Korea (Nthj.. _.Won

Korea iSthi Won

Kuwait Kuwait Dinar

New Kip

Lebanon Lebanese £

Lesotho. Loti

Liberia Liberian S

Libya - Libyap Dinar

Liechtenstein Swiss Franc

Luxembourg ......... Lux Franc

Macao

Madeira

Malagasy Republic

Malawi

Malaysia

Maidive islands ....
Mali Republic.,..,...

Malta

Martinique...."

Mauritania —

Mauritius

Mexico

Miquelon —

Monaco..— ........

Mongolia.

Montserrat

Morocco

Mozambique...—...

Pataca

Portug’se Escudo

MG Franc

Kwacha

Ringgit

Rufiyaa

Mall Frano

Maltese £

Local Frane
Ouguiya
M. Rupee
Mexican Peso
C.FJL Franc
French Franc
Tugrik

E, Caribbean S

Dirham

Metical

14,03
4.70
11.9125
1.7376
1.7375
39.60
70.56
5.2200

' 8.6875

3.49
10.1975

j 66.1801s:

| 20.6125

I 16.60 ■

I 1.143.85
j 145.5(09)

! 0.6134

I 1.2450

44.60

! 2,395.0

| 595.625

I 3.0985
442.0

i 0.612

’ 2.085.0

! 19.02

; 1.7150

1.73(111

| 1,292.60

‘ 0.60135

' 17.375

/ 5.9975

i 1.99025
| 1.7376

! 0.5144

; 3.66

| 81.60

10.70
146.75
632.10
1.9355
4.0810
13.11

I, 191.25
0.7240
1119125
89.35
19.07 - '

84.61
595.625

II. 9125
(0)5.74(11)

4.70

10.65 -

53.65 ‘

Nauru Australian Dollar

Nepal Nepalese Rupee

Netherlands Guilder

Nethertand AntH les Antillian Guilder

New Zealand HJL Dollar

Nicaragua. Cordoba

Niger Republic C.F.A. Franc

Nigeria. Naira

Norway Norway Krone

Oman Sul'ateof .... RW Omani

Pakistan* Pakistan Rupee

Panama..:,. Balboa

Papua N.Gulnea ... Kina
Paraguay — Guarani

1.7150 .

23.00

4.74

3.1100

2.3390.

17.41 ...

595.525

1.166866(sg)

10.97

0.601
20.99
1.7575
1^910
f(C) 219.36
1(F) 318.60

PUCE AND LOCAL UNIT

VALUE OF
£ STERLING

Peru Sol

Philippines. Philippine Peso

Pitcairn Wands {BgjLtidO |

Poland Zloty |

Portugal Portugu'se Escudoj

Puerto Rloo U.S.S i

Qatar .Qatar Ryal - - -

Reunion lie de la.. .French Frane J

Romania —.—Leu !

Rwanda. - Rwanda Frano I

St. Christopher .. E. Caribbean S l

St. Helena SL Helena £ j

S. Lucia E. Caribbean S

SL Pierre Local Franc

SL Vincent E. Car bbean 9 i

Salvador E! Colon

Samoa American ..U.S. S I

San Marino -Italian Lira

Sao Tome ft Prin... Dobra

Saudi Arabia Ryal

Senegal C.F.A. Frane

5eyenef/as — fi. Rupee

Sierra Leone —Leone

Singapore Singapore S

Solomon Islands ...Solomon is. S
Somali Republic ...Somali Shilling (1)
Somali Republic. ..Somali Shilling (2)

South Africa Rand

South West African

Territories S. A. Rend

Spain - Peseta

Spanish ports in
North Africa Peseta

Sri Lanka S. L. Rupee

Sudan Republic . ..Sudan £ tu)

Surinam S. Guilder

Swaziland Lilangeni

Sweden...... &. Krona

Switzerland Swiss Franc

Syria. Syria £

Taiwan New Taiwan S

Tanzania .Tan. Shilling

Thailand -Baht

Togo Republic .....C.FJL Franc -
Tonga Islands ... M ;Ha*anga

Trinidad Trinidad ft Teb. 3-

Tunlsia .Tunisian Dinar

Turkey .Turkish Lira

Turks ft Caicos. ...U.S. S
Tuvalu Australian S

Uganda ..Uganda Shilling

United States-.. . ..U^. Dollar •

Uruguay .'....Uruguay Peso

Utd. Arab Eml rat WU.A.E. Dirham

U-S.S.R Rouble

upper Volta :.CJF.A. Frano ■ - •

leXS(A) 1,164.34
14.56

2*5390
I (Cm) 14922.
i (Tl 149.22
146.75
1.7375
6.328
11.9125
((Cm). 7.9 5
\<n!e) 19.56
161.36

Vanuatu

Vatican

Venezuela

Vietnam

Virgin island U.S.
Western Samoa ..

.Yemen (Nth)

Yemen (Sth)

Yugoslavia

Zaire Republic ....

Zambia

Zimbabwe.

jvatu

I Aust. Dollar

Italian Lira

Bellvart

..Dong
U.S. Dollar
..Samoan Tala
..Ryal

..S. Yemen. Dinar
..Now Y Dinar
..Zaire
..Kwacha
..Zimbabwe t

4.70
1.0
4.70
11.9125
' 4.70”
4.3690
1.7375
2,396.0

72.55
6.9959
595.625
12.30(sgl

2.149243

3.7230

1.6170

(AI11.05

21.68

1.99025

1.99025

X95.70

193.70
36.15
1.5637
3.1100
1.99025
- .J0A15
3.65
(A)10.0
66.02
16.42
39.90
595.625
1.70B6
4.170
14)380
286.39
1.7376

2.7150

170.0

1.7375
i(em)21^6
‘U In 12 1.38

6.401

1^688

-695.825

169.55

1.7150
.2^954)
7.44 7

((0)3.80

lCn4J2(!l>

1.7376
2.1260
7.632S<sg)

(AB.6999

83.7902

104)37826

1.63SO

1.3336

"That part of the French community in Africa formerly French West Africa or French Equatorial Africa. 1 Rhomb por. pound. 1 General rates of oU and iron
exports 73.00. M Rata is the transfer market (controlled), tt Now one official rata. (U) Unified rate. Applicable en all transactions except countries having a
bilateral agreement with .Egypt and who are not membara of IMF. (H) Baaed on grass rates against Russian rouble, (1) Parallel exchange rate lor essential Imports
(2) experts. non-#sssntisl Imports and transfer. (3) Essential goods. - ’

I

y

!M

IiJi

y

B

RT7T

W.

3

Dollar weak

THE POUND SPOT AND FORWARD

The dollar was sharply weaker
. currency markets yesterday in
action to a moderate rise in
.S. money supply. The increase
as considerably bciow many
rpeewtions and Euro-doIIar
ttes were lower as a result. Most
; the dollar's losses oucured in
ie Far East with trading in
rmdon showing a steadier trend
. the new lower levels as the
larket prepared itself for today's
jaiement by Mr Paul V Dicker,
".S. Federal Beserve chairman.
Sterling was firmer all round
aspire a eonlinued decline in
omestic interest rates.

DOLLAR — Trade weighted
ides (Bank of England) 120.2
gainst 121.0 on Friday and 10S.7
lx months ago. Three-month
Teasury Mils 10.9S per cent
12.38 per cent sis months ago),
.onual inflation 6.7 per rent I 6 .G

er cent previous month i— The

ollar started to improve in late
rsding but still finished below
'riday's ■ levels. Against the
>euLschemark it fell to
»M 2.4585 from DM 2.4775 and
wFr .2.0990 compared with
TvFr 2.1025. li was slightly
rmcr in -terms of the Japanese
en at Y254.25 from Y254.0. The
ate improvement in London was
ontinued in early New York
rading, despite cuts to 16 per
ent from 16J per cent in U.S.
■auks' prime rates, helped to
ome exTent by a little profit tak-
ng.

STERLIVG— Trade weighted
Tides 91.4 against 915 at noon
jjU the opening and 20.8 on
•riday f 91.5 six months ago),
rhree- month interbank 12 1 ‘ per
•cat |IJ. ! per cent six months
igo). Annual inflation 9.2 per
rent (0.5 per ceut previous
itonthi — Sterling opened at
51.7450 against Hie dollar blit
•ased to $1.7380 before coming
Jack to $1.7435. The dollar's
ate improvement saw sterling
;lip to SI. 7370-1. 7380 at the close,
(till an improvement of 1.5c.
Sterling was also firmer against
European currencies, closing at
D?.T 4.29 comnared with DM 4.27
icd S-.vFr 3.65 from SwFr 3.6250.

It also rose against the French
Franc to FFr 119125 from
FFr 11.8350.

D-MARK — EMS member
(weakest). Trade weighted Index

124.6 against 124.5 on Friday and

122 J) six months ago. Three-
month interbank 9.425 per cent
(10.475 per cent six months ago).
Annual inflation 5.8 per cent
(5.3 per cent previous month) —
The D-mark showed little overall
change within tbe EMS yester-
day. Attention was focussed on
the weaker trend in the dollar
following a sharp fall in Euro-
dollar rates. Tbe Bundesbank
cold a nominal S8.4m at the
fixing where the dollar fell to
DM 2.404“ from DM 2.4941 on
Friday. Tbe narrowing of
interest rate differentials was
also beneficial for the D-mark.
Elsewhere sterling mse *n
DM 4.2940 from DM 4-2830 and
the Swiss franc was higher at
DM 1.1759 compared with
DM 1.1745.

DUTCH GUILDER — EMS
member (second weakest).
Trade -weigh led index 115.8
against 115.7 on Friday and

114.6 six months ago. Three-
month interbank 9rV per cent
( 10 ’ per cent six months ago).
Annual inflation 6.5 per cent
( 6 J per cent previous month) —
The Dutch guilder was slightly
weaker overall at yesterday’s
fixing in Amsterdam but main-
tained a steady position against
the D-mark. The latter was
quoted at FI 1.0331, little
ehaneed from Friday's figure
of Fl 1.10301. while the French
franc slipped to Fl 39.62 per
FFr 100 from Fl 39.646. Else-
where the dollar fell to Fl 2.7190
from Fl 2.7495. but sterling
improved to Fl 4.7370 from
FI 4.7260.

JAPANESE YEN — Trade-
weighted index 133.2 against
223.0 on Friday and 142.9 six
months. Three - month hills
7.28125 per cent (6.593o per
rent six months ago). Annual
inflallon 2.3 per cent (2.8 per
cent previous month) — The
dollar recovered from lows seen
earlier ju Tokyo yesterday.

July 19

u.S.

Canada

N*rtilnd.

Sclijium

Denmark

Ireland

W Gcr.

Portugal

Scam

Italy

Norway

Prance

Sweden

Japan

Austria

S«in,

1 “50 1 7450
Z.IC7S-3.1930

4.72-4.75

81. 50- 82.00
14.81-14.86

1 2430-1.2485
4. 27*7-4 JO 1 ;

146.50- 143.00

193.50- I94.se
2J92-2.404
10.96-11.03
11.89*5-11.
10.60-1Q.fr
4*10 44-1
30.10-30.25
3.63-3.67

Close

1 7370-i .7380
2.1885-2.1895
4.73 : i-«.74*;

81 55-81.65
14. 82V 14.83':
1.2445-1.2455
4 28V4-29*,

J M7.00
193-EO
3S6
1Q.97 1 ;
11.91%
l.fll
Z : :

1-17

3.e4VA.65*7

One month

"e _ 1M.20e dis
0.804 70c afs
1%-1'iC pm
1>Z3c dtt .

1- 2ore dis
0.47-0 60p dis
I’l-lipt om
75 -25 5c dis
100-145C dis
13-IFNre di s
5V6 1 J° r « dts

2- 3c dis
1 : *-2'rt>t dm

2.30-2 JOy pm
12V9a™ P*n
3V2Vc pm

•; Throe
p.a. months

-1.03“ O.W-MBdis^
-3.56 2.02.2.12dm ■
3 JO a-34 pm
-Z.B5 45-57 dm
-121 7-9 dis
-5.16 1.65-1 SMis

3.85 3%-3*iPm
-13.CS 21S-745dis -

-7.59 395-445 dis
-7.27 OS-49 dw
-6.49 9V-H dis
-2.52 O’t-KH. dis
— 1.91 5V6S dis
6.11 5.65-5 4S pm
4.28 30- 2y. pm

9.86 7%-T-i pm

Bdnian rate is tor convertible
3n-mon[n Forward dollar 1 72-

Iranis Financial !;auc ST 40-37.50.
I 32c dis. 12-ncuh 3.25-3.45c dis.

THE DOLLAR SPOT AND FORWARD

DdV'a

July 19 spread Close

UKt 1.73S0-1.7450 1.7370-1.7380
Irelandf 1J900-1 .0000 1.3900-1 .33 15

Canada 1 .2590-1 2615 1.2605*1.261=
Nolhlnd. 2.7150-2.7245 2.7225-2.7245
Belgium 46.93-47.02 46.95-46.97

Dan mart 8 5125-8.5350 B 5300-8.5350
W Ger 2-4600-2.4700 2.4680-2.4690
Ponuoai 64.25-84.90 84.30-94.55

Spain 111.20-111.55 1tl.35-111.45
I la 1/ 1 .377*— 1 .380 1 .378 4-1.379*,

Norway 6 3090-6.3270 6.31 40-6 90
? ranee 6 8450-6.8700 6.8550-6.8600
Sweden 6.0980-6.1120 6.1040-6.1090
Japan 253.10-254.30 254 -20- 254 JO
Austria 17.32-17.36 17JS-17JS

Swits. Z.0910-2.1Q2D 2.0985-2.0995

t UK and Iroland are Quoted in U
discounts apply to tfta U.S. della

□.10-0 -20c dis
fl.54-0.44c pm
0.27 -0.20c dis
1 . 17-1 .07c pm
3-5c dis

0 40-0.15orB pm

1 00-0. 95 pf pm
40 -140c dis

50 -60c dis
€V7 : jli« dor

Three *»

p.a. months pa.
“ — 1.03 0.72-O.Kdis -1.77
4.21 1.41.1.2S pm 3.83
-2.71 0.62-0.67dls -2-04
.4.94 3.33-3.29 pm 4.91
-1.02 5-7 dis -0.51
039 O.Z5-0.75dis -0.23
a. 74 3.07-3.02 pm 4.03
-12.76 90-380 dis -11.10
-5.32 170-190 dis -6-46
-6.20 20V21L dis -6.09

2.80-3.20ore dis -5.70 2.80-3.20dis -1.90
0.70-0. 95c dis -1.44 2.40-2.90dJa -1-54
0.55-0. 75ore dis -1.28 1.00-1. 20di» -0.72
1.58-1 -43y pm 7.10 4.40-4 25 pm 6.80
3-7\gro pm 5.79 25V22** pm 5.07

1.34- 1.66c pm 10.86 S37-5-23 pm 10UM

.5. currency. Forward promiums and
r and net to the individual currency.

CURRENCY MOVEMENTS CURRENCY RATES

Bank of Morgan
July 19 : England Guaranty

• Index ChAngeai.

Sterling 91.4 —32.0

U.S. dollar 120.2 -11.4

Canadian dollar . .. 87.3 —19.5

Austrian schilling.. 117,3 *26.6

Belgian franc 95.9 —1.3

Danish kroner. 82.0 —14.5

Deutsche mark 124.6 -49.2

Swiss franc .... 145.3 --96.0

Guilder 115.2 -23.2

French franc 73.7 —20.4

Ura 53.7 -58.3

Yen .. 153.2 . *26.9

Based on trade wei gh ted change* from
Washington agreement December. 1971.
Bank of England index (base average
1375=100).

OTHER CURRENCIES

Bank Special European
July 19 race . Drawing Currency
% Rights Units

Sterling. — 0.626925 0.550515

U.S. 5- 12 1.09235 0.959547

Canadian -«.. 16.17 * 1.20826

Austria 5ch. 6-; 18.9392 16.6357

Belgian F.. . 14 51.3049 45.0603

Danish Kr. 11 9.3150 1 8.17294

D mark.. .. . 7J? N A 2.36288

Guilder.. .. 8 2.97010 2.60805

French Fr.... 9!« 7.49461 6.57722

Ura. .. 19 tS06.62 1323.22

Yen 51; 276.474 243 .245

Norwgn. Kr. 9 N-A 6.06098
Spanish Pts. 8‘ 121.742 106.913

Swedish Kr. 10 6.67644 5.B6091

Swiss Fr 51; 2.28957 2.00977

Greek Or'cfl. 201; 75.5255 86.6070

• CS.-SDR rate lor July 16: 1.37116

EMS EUROPEAN CURRENCY UNIT RATES

5oljj ! jn Franc . .
Danish ilrore ...
Germ:n D-Mirk
French : r:nc ...
Duich Guilder ...

Inih Pun:

Italian Lira

ECU

central

rotes

44.9704

3.33400

2.33379

6.51337

2.57971

0.691011

1350.27

Currency
amounts
against ECU
July 19
45,0603
8.17294
2.36288
657722
2.60805
0.685371
1323.22

Ik change
from
central
rate

V. change

adjusted for Divergence
divergence limit %

-0.02 ±1.5501

-0.96 -1.6430

+ 1.03 ±1.8388

-0.77 ±1.3940

+0.88 —1.5004

-0.89 ±1.6891

-2.00 —4.1369

Argentina Peso... t35,429

AustralioDollar.. .1.7140-1.7160
Brazil Cruzeiro. . 311.15 312.15
Finland Markka.,8.2 175 .0.2260
Greek Drachma... 118.8B-122.4S1
Hong Kong Dollar 11.19 10.20 V

I ran Rial *145.50

KuwaitDinariKDi. 0.5011-0.5016
Luxembourg Fr..! 81.55-81.65
Malaysia Dollar.. .4.0760 4.0860
New ZealandDlr.2.3365-2.3415
Saudi Arab. Riyal 5.9920-5.9980
Singapore Dollar 3.7 1 20 3. 7220
SthJtfriean Rand 1.9395 1.9910
U.A.E. Dirham.... 6.3965-6.4055

CfcOf»o»?s a re lor ECU. iherelore positive change denotes a
weak currency. Adjustment calculated by Financial Times.

EXCHANGE CROSS RATES

*20.350
0.9870-0.9875
. 178.57-179.46
. 4.7223-4.7240

• 69.20-69.40

• 5.8650-5.8680

*84.80
0.2876 0 .2877
' 46.96-46.97

2.3460 2.3490
1.3460-1.3475
3.4390 3.4400
1 2.1370-2.1390
11.14501.1460
3.6710-3.6740
* Selling rota.

Austria.. . .
Belgium
Denmark . .
France . . ■
Germany- .

Italy

Japan.

Netherlands
Norway... .
Portugal
Spain. ..

Sweden

Switzerland
United Stat
Yuugoelavla

30.10-30.40
87.15-88.15
14.79- 14.93
11.89 11.99
4.274.31
2370 2410
442 447
4.711; 4.75 'a
10.96 11.06
143 U 159
185V195U
10.58-10.68
3.63ii 5.671:
1.73-1-75
821; -96

t Rale shown for Argentina is commercial. Financial rsie: 65.311-65.351 against
Sterling 37.500-37.50 against dollar.

Pound st*riing : U.S. Dollar i DeutBchom'k Japanese Yen' FrenchFranc Swiss Franc Dutch Guild*' Italian Lira Canada Dollar Belgian Franc

French Franc 10
Swiss Franc

Dutch Guilder
Italian Lira 1,000

Canadian Dollar
Belgian Frar.c 100

FT LONDON INTERBANK FIXING (11.00 a.m. JULY 19)

3 months 'J.S. dollars

6 months U.S. dollars

hid 14 ; i? Offer 145.-16 bid 14 i;2 offer 145-8

The fixing rates are the arithmetic means, rounded lo the nearest one-
sixteenth, of the bid end offered rate for SlOm quoted by the market to five
reference banks at 11 am each working day. The banks ere National Westminster
Bank. Bank of Tokyo. Deutsche Bank. Bxnqua Nations le de Pane and Morgan
Guaranty Trust.

EURO-CURRENCY INTEREST RATES (Market closing Rates}

July 19

Shortterm

7 sa/s -.o:i=e.

-cr.t.i

Three months. .
Z x r-cr.;h i..

Cre Year .

Sterling

IC'.i-lZJ:
IS'; 12 '1
125o 12:;
12:-12;r
12'i-i2 >«
I2J>-12t-

I*-12si

12J---12H
13 -13,.
i3:j-14ia
14:» 14.;
14*J-14 l;

Canadian

Dollar

15l;-16'-’
15’-; 16i;
151; is»j

16- 16 - j

165? 16!;

16'i-161;

Dutch

Guilder

Belgian Franc

14^-14;,

17 19

12 i:

14

t4 is 14 ir

I4ta 14: t ■

13-19 -i

13 •:

:s

KI..-15M

L4J4-14T 5

19: -20

14:;

’.5-:

1E-I5:j

LS5? IS:;

20 s: 20=5

1-5 ir

I51f

15:.-15-’i

i 6 ^-i 6 ;«

20 211 ;

14-' ;

15 '

15i:. 15:;

171; 175.

2154-22-1

14 w

15.'?

15-15-';

'■ZIj r- :er.t: or? "-eir 12 70-13 -aO ror tent.

MONET MARKETS

Coiaffllctans

VK cJo.irin? bank hasr Inndin-
raU 1 12 pc-r cent i since July 54 1

C r 'Cfikti 2 ; f 37 tors v.ero at
r.-y ;i i; . L'indon money mar-
k«t * yt-siorday. b'ir the overall
trend wi* fo; : a -icclinv in short-
ierrr. inhere;.! rates. Tins v.as
envoy rasc'l by ih * 1 end r -'f tiw
strike on Sritisli Kail, but owed
rr.n?t of impetus lo the better
thiTn e.TpeelC'd Li.S. Ml nione;-
vuiolv iirure? !as: week ittadine
•n hof.es «f z cut in trie Federal
Fteservo dtscmtnt ra;e. and
inereaF-?d r.pr.iTnism abrt.it the
v>r.e of ;hc 'spaerh to he made
7-1 r P.- j! "■•i'.-ker. ci’.s'rrmn of
‘rf Federal Reserve Board, to
•o-ia...

i !.*>ndt»ri inter bank mar-
7 -ei r/ifee-ni on in tnnney fell lo
r- n-:-r .-ont Tr.ir;’. 12-7 per ■.•or.*..
a-.J 7C-r.rir.l!i : o 127 ?F r cent
fr^tr. !£ : ?•:“ ---en 1
Or the ether :-c~c the dn.-.r.-
;rd irtr.'i tr. : .ondon v.a‘ letr.-
vreri by ;‘ r .e i-V'.eptir.Rai short -vre
■if <ia"-;o flay vredn. A shortage
Pf arouac Llhp v.'as ffireov by
tr .7 Sank it England, v.nth about
hLif '.hat figure resulttns from
the '.all on 22; per cent Treasury

iSCSEV HATES

>•::«/ tork

factors

C'nr.verrihie 19Sfi steel-. This n va.i
the major factor in Exchequer
iransa-.-i.ion.-. or — £K& 0 m. vounled
v:rn hills .-ratunn; ir offiela!
hands ,ind a nor lake-uo of
Treasury hills — £4“nni These

were riari/- "ffivl by a full in

the note circulation of riffOm.

Against 2 background of falline
iMcresr rjlci. p.r;d a further eui
in Bank of En?iand bill dealing

rates fnr band? ? ar.d 4 -i:?-
count houses were 25 a in rath?.'
reluctant to part v.-th their r-jiij
oufricrhi. and the ayhirstie?
provided another JU'iV.k r.ttel
repurchase agreement as par*, c-f
the day's asststacce.

in the momin? the Bar.k o;
Enniand bought £1$5 tr of b;iL
by way of. Eilm bank b.Ils ;r.
band 1 cup lo 14 days maturity •
at 12 ; per cent: FlO'Jm bank
bills in band 2 i !5-'5 days 1 a:
12 per cent: £ 2 lm local au'nir.iy
bill.- in band 2 134 -Si days > a-
21 j." per cent: £‘_t. bar.!-. b:'.l-
in band 3 a» 11 J' een:; • 10 t.
Ineai auti-onty bill- ir. njnd 4
164-91 days 1 ;,t 11 perce-.': nr-.;
£J2m bank b:lh ir* band 4 ■ 44-?4
days 1 a: 11 All 7; per cl— . 1 .

After lunch lire authori-e-
? 3 i'o further help o’ i": : - 7~.
makinu a total for !!**■ d.;;-
1925m. and Ieai:zz rr=
si:;h'Jy ?hnr: of fund- b.era:..
with ih® interbank overt:; 1 -.'
rale firm at 15 per cer.: lev.:
near the cloje.

EUROCURRENCIES

Sharp fall
in rates

Eurodollar ir.tere«r rales fell
quite sharply yesterday. leading
to a general downward trend,
meludirs; Eurosterlin;. D-marks
and Swis? franc?. A rice of only
>5.9 br in V.S. Ml money supply
las: v-eok. compared with market
o-t'.ntc-cs rargir.? uo io >I0bn.
pushed down Eurodollar rates
and depressed the dollar asamsr
other major eurrencie-' in spot
foreign exchange trading.

Despite the easme of sterling.
7>--.crk and Swiss Trane interest
ri’es. this was not. nnouch to
,oxn*?r the decline in EurrojoJlar
r?*a? and the ■-■.•earr.ess "f liie
do!:?- in the .^pot market An.nr.s'
th:< hacks round ilie forvarr*
- of t’ne -rroiccr Ettr- •
oe.-.n iu.T?ncie> iend> d :o narrow.

‘i "he .lapane*:? y»*n showed
.i •-r.’ni/ar trend Th** dov.-ni-ard
rr w? ;r Hu roi;ur re rares ■was
er.c-ouraned dcr.ns the afternoon
a? .»:s '»'ere anitoiiT.-ed irt t r S
car.k-' prime lending rates.

LONDON MONEY RATES

■C-: ‘-.ri; I‘-
~l O.'ll ■■’•••

it'izgrf feiisn J26-s

. .

t- - . mr'.'ri

—,-i-Tn- . .

SKiANCS

: -r :i'»

r,- . --ri.

“ •;{? OT’M' ... .

",.--.rn*i .5

| A PAW

'.- ■ • m — r . ;-vti. iri>.

12 : i-12*j

io.es

11.34

Sterfirg Loc.it Local Acth- Fi-ance D-sccu-.: Cf>e lk it

July 19 Certificate Irtertsank Authority negot aoie mcjk Co^va-r V;'*e: Trea-.„ry Bark
!9g2 Gf deposit OCD05I13 oond; Dcpcsra Ce: z- Z-i Sco^y x 5- its J B:Ms !■

Overnight.. — J 2 i; i5 I3t, - - ;s-.- ;3 — Z 7

2 Caysrot.ce — — 12 ’. : 2 ii - - - - _ .

7 cays or — -- -- -- - - - ...

7 da/s notice — I2i*-12’* JS':-t2-i - : 2 ‘ ;j--. ;; _

One montf: !?i;.12» : t2-"- l2i; 13-t i2-.-12» i 2h 12. ;2 »’ :g.- n..

Two months. 125.12, 12^.12:, 12 i-12-v 12 , 12. tt »T '

rnree .tiontns. 12 - -12 !2t: 12., iitj 12»i-12.'> 12.- ;2.-. ;; ;r .;ji,

S'X months 12 — 11 ? 12-12- 12« llt-r. ilk t2 ’■ _ u.7..

Nine months . 12.. II. 12. 12 "■ 12*- 12 «2--

One year 13;, II , IS . -iCl 12i- 12 *12 12. -

Tiw> years. !2 ; .

Lv:ai ai-'cr’.i-i li-iin-i -.OUJ9S sever, sirs "-ne ’•■‘■e*; ■: - c .... .

Leiai a;'-r j*i tilin g '.qiisss 5 over, c'jfi "'lie - c . ... , f .

rr-:*.. nomirai:v -hree /vj*» '3 ser cen: ion ,o<»5 ‘3 : > o-j; .e- 1 ' ;;-i 'L-, -.*• t- 5;n.. ti

a r if SK-*ng !rr a - :n? c?rcr. Buying r;:cs I0-- four-min-!; h;-'- n. s j~, cr--: r-i--, .• ■ ’•]

IZ-> re*

AD?ro>:m;ie srl'.ng ra:c l-.r on.? n.-.n'h Treasur, pms -.vr. mprths .--sr -:

mgrlni ■t’ ta -tT'. prr r.nni i;»n-o -jio !« on* -r-:s :! 15 ;*• . ~icv-', :

tent ind three rson:hi C* r eev, meo:’ vaae '-2 1 ; s-f <■:" c , f c»n,.

;il t!nl

Finjpc^ Houses Base Rntns ■nuBfi* 1 '*: hy thn Hn-.-ss? i-.-.oei.'-- -. p'- ;?r» 1 :?•;

and Scottish Clearin'! ELin5- Rate; ’>>' 'fi'ni ^2 '.on' tendon Cl**a*.r»a Bsni Ber-es-; Ra-.rs -,

rr.r.et 3 cer r.sn:. Tnasur/ B:I ; S /•««*» '"l j r r3i«<; r>‘ fl-sTo-.*' " se* ce-- ;«■!!!■:*«•. C-spe--: .
12L on ;cp-- SrcT. J«!i 1j. Csaosils .-/lthtfrj.vn irsr ea'.n :V, -e,

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.JB

^ 1

Sai AHaoce fta, HenfM.

l+d 2S

Swte Ufa Pen. Tst Hml Cb. LftLCaKc)

AaaxfcUntaJ__I

cky]^ \

I

Finsuicial Times. Tuesday July 20 1982

INSURANCES

'V -JtUer Ufe te amm-fti. Ltd. (i)

^ 1 kta.PfcdtoCf ehwte. EC4P4PX. oi-agaom

13SUPW1

SmSttotaFofltf !

Fd.Ser.4

itanc

* • '.Cons,

•.* itfUed Im. FA Ser.4,,1
; jhmrmSer-4 — „|

' ,,\fflah Inc. Sw.4

-Indexed tar. Series 4
Pension Property __J

v,'\£ffiIS3ted

Prnwn

1ZL6

555

329.8
m h
ms

Crown Ufo— Continued-
sl George Mani-Ftf “

Lbcs&KiLfiL.

SnyeFd.

SttSmZZZT.

Crown. BriL ht*. A_„

PBB.Htaed.RL

PeTO.Hantfd.AaL_

saggR"

Peas.FW.lnu tatt.
pcm. Hanqp'

Pen*. Money

Crusader L .

TOwer Trinity Sq,H3N«aj 4882323

&:rJ =

INSURANCE & OVERSEAS MANAGED FUNDS

Life Assur. Co. of Pcnnsyfvanra

&■ Nnir RtL. ChMlvnv Rent. ' Medway 812348

LAGOPLMU- m.* 125S 1 —

Ltoy* Life Assurant*

20, Cntofl St, EC3A 4HX OX-920 0202
Vfuhi Cwtb. Jd
MMGMft ACao
Op. 8 Prop. A J

ffonncb Union tattmc* Swap
POBOK^ N praft h NHlBNa 060322200

nuts

SSI

V L=»

Pension Indued Inv.

■~y

* a Atony Life Assurvfce Co. Ltd.
C SUWdBurlHgttnSUWJ.

Eagle Star Incur JMMbnd Assur.

3, Tiraxteetffe Sl, EC2 . 01-S881Z12

EMteMtflMu ITU 827) +0.9) UB

Equity & Law Ufe Ass. Soc. Ltd.
Aowrdwra Rrw^ KIghWyeambr. 049433377

■*st&a=®* m%& -

if 3 Wfc

-. W lntl.Fxd.ln.F3.

: Equity PhlFAAcc^,
RxMl.PeiLAce; — ..
•••/. G'td.Mon.PenJtac m .
I V im.MrLPnFdAce^ 1
“ PWJWx.

M-pte hMj>nJtcc _ 13630

AMEV Ufe Asswmce Ltd.

2 ft Prince of Wfaks Ri, B*mouth.

-DNS
- 144.4

:»»
.1543

itv Pendon F«L™ Soi
tf InL Pen*. F(L_ 127.9
High Yield Pent Fd. . 1275

taxed Find _„ms

Equity A Law (Managed Funds) Lid.
*mrtw> Rtad, Hltfi Wyo»t». 049433377

(0027(2122

ext July 15.

Me On nmm.

040350255

i?* V;

h».>.

Bmtqs Ufa Assur. Co. lid.
252 Romford Btf,E7.

01-5345544

Baidaytajnds._

St Sis

~

P

International

Managed — :

afr

MaftPensAcoim.

Do. Initial

Gin. EdgPehcAcc.

Do- liwu

;^x

3

Money Pens. Acc__
Do. Imtlzd

lid.

CC2H 707.01-6288231

+14 -

' el?'
' V

->

r-.V

.. ■;.4-V

l-'

• ' v .1

■ . • i -V

-'ll

1 ;:;«

Stack Horse life Ass. Co. Lid.

71. Logined St, EE3. 01-6231288

Black Hone Matt. Ftf.1 187 J2

B53Sfc!!=ffl8

Income Ftf. _ HR®

Extra Income Fd. 117.60

Wtfldmde Growth FtLQj&K

Balanced Fd —

Sndr Co 1 ! A HeorJ
Im-Teehnob

Nth Aider. &( .

SffiSfesdSS

Canada Life Assurance Co.

2-6, High ft-, Potters Bar, Herts. P.~far5U22

BSMH&fcd JS4 1=1 =-.

Canada .life Assurance Co of 6. flrffafci
2-6 High St, Potters Bar, Herts. P.SUrSU22

Managed Pen Fend |

Property Pen Fund—

Index Lnkd Pen Fwd

Cannon A ss ura nce lid.

1 Myopic War, Wenfeky HA9 ONB.

qn

0&4| .

p908 Ml+BjMj —
-ma —

£BJ5

a— wtiyj iffHiy GENERALI SaA

117, Ftedurch Si. £E3M 5DY. ^^Ol^SS 0733

ImL Managed BMd_HtX7- 149^ | —

Central Portfofio life Ins. C. lid. *
Oxashmoic St, ChesMM; Herts. WaMlnmX3197X

ggfcd ffl

.^EtBas

Gravrtfa & See. Life Ass. Soc. lid.

WS, London Fruit Exchnge, ElbEU' 01-3771122
Fledbie Finance I L248 I I —

■MtezU/^vJa =

G.&S. Super FdL_TT^ £9044 1 -

Cenfrn Royst Ete t aa pr
tfeqed Ensuing^ EX3-

ArfdvtAOlpntlM
cm San Ufa Unit taWM» UtL

standard Lite Assurance Company
3 George SUEiMi*VbEH2ZXZ. 0QI-ZZ5797L

Managed 0448 ISS +L4| -

_ Nor. Data July 15— r

i -

Ptel Awuranw (UnH Ftmda) Ltd.

232 HJd> Hofeanv WC1V7EB. £04058441.

bw. Prop. Mst— — -H3Z.9

-tm. Manned BfiiM

f»Mri Am m aan fOad lldd PWto) Uf
Ret. Managed OSU BR6I — 4 —

Pheenx-Assutinee Co- Ltd.

4-5 IGng VWtHamSL, EC4P4HR. (0-6269876

BSWRezz® BHrd::

Pioneer Mutual Inaannce Co. LW-
36. Crashr Rd, N. Waterloo, L'poaT 051-928(455
UanaoedFund [U&7 126JH . — I —

PhlUWd Sutap Graop
60, fast Sued, HnMn 040350233

Pendon Fat l «- ...

Pension Index UM*d
Pension Cam

Stn Affiance Insurance Group
Soo AdtarHew, Hcnbam. 040364141

Index Linked Fund — [

SSffiSteir,

SSSStsaffii

Kbhossgate ConkHddy Ser. Ltd.

PA Box 42, Dcwgtav IaM. 0624-29911

ARMAC*.Uy5»— R5L33 5 4^ 1 J _-

«XJNT~33y5 L59

CAMRH0-Jt#y5— &341 Mg 4 —

MAPSA* Jdy 5 —Jyj-W BLaf—.i —

Ongiml S VW "O- Mm tnL Arm 2.

Bridge I ftw agc ndrnt lw.

5P0 Box 59a Hone KM9

BSMB*H=WMU=d i»

Britannia Intt. Investment MegnL Ltd.

n« Dolor Deeaadi

Am. SmaBer Oax-Fd. -

GeUFnMf — —

U u hm ij f SntehFud-
Oollar locome Fd — .

&%lrr. Jersey. 0334 73741

SjS%FdM.Juty]

Property July M.«

Sun Life of Canada (UK) Ud.

Z 3, 4, CodaptrSL, SW2V 5BM £0-9303400

Prendofn life Assurance Co. LirL
Eastcbesier Hse* Hwmants Heatft_ 044446S7ZL
Amencao TVc/l Fd— I

GnKkAann

Manag ed Aecoutg.—

Eqohy Account

Managed Fd. Accuil.
Gootry fd Acoim.. —

Property FtL Aeeuni.

Fixed Inc. Fd.'Acaan-

IrmS. FcLAcmt

Money Fd. Atcom

terifxlrl. Sex Fd

London A'deen fc Ntfan. MB. Assar. Ltd.
129Kta(nway, London. WC2B 6NF. 01-4040393
'ASiet Bolder’ |S3J 55.91 .--.I -

London Indeniuty & GoL Ins. Co. Lid
18-20, The Fdrta y. faaeftna 5B35UL

London life Linked Assur. Ltd.
XOaTaropleSL, Bristol, BSlbGA. 0Z72-Z79179

— —

UK__

InetnaUcol Eqdqr—

Prop. Equity & Ufe Asa. Co.

4Z Hsocbtftefi, Londbn EC3A 7AV 01-6211124
R. Stn. Prop, Bond —I 2(7.9 l 1 —

Property Growth Assur. Co. Ltd.
bran Hwoet Croydon CR91I.U. 016800606

:ftSiad "

Pert. Pens. AcoxaC.

taniLaiV

-OaW Death,

"^tnWy

5sJ:::Jz

'M

01-2B37UL
*».a —4 -

Prop. —

BaL BdJExec/lfnls.-

DepcSiBond—

EvkvA -

Aak.Fund(A)_

Mbry Nat. Fdnd

Ah6eyNH.Fd.tA>—!

to aeUBt e i d Fand ,

Investment Fmd CAM
Eqoxy Fund— f
Equity Fiml 1A> — -

Money Find.

Money Fund (A) !

Art aarlHfxMd—

GBFtSSwFrL IA>
Retire Aittnlty ,

_ li M r s d a n ll
□ — ju^nteAcTu&fiMi

— hn. Fd.

PensiM^d

Cow. Pens. Fd,

- ESwL c E} b, -H

_ Man. rOcL rtf...... ...

“ Man Pens. Cap. UL .

Prop. Pens. Fd,

Prop.PensjCap.Uts.

. ...initial

Pens. Fixed InL Acc..
Pern, htfl Initial
Pens. Ml. Acc..
Pens. Prop, initial
Pens. prep. Acc.
Oepos.

Ltd.

8 +2J
+21
+L‘

+21
+21

B +01

+06

+£l

indexed Suck (PI —

London & M uc h e rta r Gp.
WlnsWe Pwk, Enter EX5 IDS.

Prtperty Food Cap. —

Praparty Fund Acc.

RoStF Fuad Cap..
HetdUoFMdAcc.—

Fixed InL Fd. Cap. _

Fixed tacFd-jSl—

.Depodt^C^.

— IqdtyFiindAct

(nuswionai Fd-Cap.-
IntateticadfiLAx—

— Capital Gwiti-FtL.

Moneymaker Fuid

Exempt Inr.TsL.
r ExernttPyopSiy

Exempt Flexible

— "Adflion to price

039252155

a 2

+o a
+0.4 I
+o»

BUs.Soc.Can.UL—

GUIs Pent. Fa

Cite Pens. Fd. Cap. J

umu i lul n r .

Q5ty Pens. Fd Cw-

Providen ce Capitol Ufa Abb. Co. Lid.
30Uxtrklge Read. W12 8PG. 01-7499111

Sun Ufa Unit Asoraice lid.

107, Cheapslde, Lnndatt, ECZV60U. GZ72299524
Managed Cap—

pSS'ulSStBSzj

Fixed Merest Acc— 4
CashCni—

Cant Acc—.

Intei cati onal Cap —
In t tw H owlAet.

American Cap.

American ACC.

Son Ufr l

i toe* lor ixMtfcoi pendne
Pern. Managed Crou-flMA
Pens. Managed Acc. ^U5B.7
Pern. Property Cap... CL1V.9
Pm.'

Eq ut» At£ l _ ^78. j
Pens. F. loterea Cap. lD7- r
pent. F.lmmst Acc. 115/

Pern Cash Cap. 117.

Peas. Cadi Act— 126..

Pens. Intri. Cm. 1108

Pent. InMLAce — 127 A

Pens. Amertcw Cep.. B9.0
Pens. Arrericm Acc. . |75-7
Peas. Far Estm. Cap. _ -
Peak FarEsm.Acc.B55, 1

Brown Shipley TsL Co. (Jersey) Ltd.
P.D. Box 503, Sc Heller, Jersey. 0534 74777

anting Bd. Fd. 983+0131 lUt

String CfeFdJ.(a>-£ll5( >A5S ~ -
lntXur.Fa.iaHM —..(£180 11X4 .—.4 —

Butterfield Management Co. Lid.

P.0. Bok 195. Hannon, Beniuw.

«=5S3S«.-^"

CAL Investment* (loM) Ltd.

>£l dmfcroawVUy 19. “Aaii *“
Capdirex SJL

P.Ob Bw 17A L2U Gmem 1Z no 4122 46628B
ft m el u —

BonWetoe—

Charterhouse Japlict
1 Paseraader Bow, EC4
Enperor Fund*

Hkspaoo

•Prtea

SL=M«»H Ind ?

M June aOMBt mb. thy ASy 15.

Target Life Assmnce Co. Ltd.

2SE

now

•LI

-

+0JL

+sa

+07]

■u

H aw d r rai Life Assmnce PXX.

7 OU Park Lan^ London, W1Y3LJ. 0L-499003L

Fixed Ira. Deg— (

BMV- i
P roperty

Saqy*. Lkl 1

.. - :'.3

ewr*“^

:

'■■■ •* r. a s

., i •
- ,K.

“ * i

L&E&LF.2

Chtnst

value Jdyifx

Capital life Assurant* X
Ccmtnsn House, Ctopel Aik WWa.

090228511.

ZJ — ' ■’ Gilt Bondi

rechcvd imget Ctoxges ondr-

M ft G Group

Tteoe Quays* Tower KM, EC3R 680- 00.-6264588.
Amcrtcan Fmid BoodLI7&3 ,W2 ..... —
American Itec-BoML JM.T lOSbi +01 —
AuOrHasiflBond—— 30.2 843 +04 —

Commodty Bond—— B23 865 -0u4 —

Convert Deposit Bond U68 DM +02 ■—

Equity Bond <Acc>— . 204.9 2152 -05 —

Extra VleW ID66 232J] -04 —

Family Bench- 38*«__ ™ ;

Far Eastern Bond , j89.2 M ^ .tR

-RfLOT

HnhYleM Bond— c?-6
PvfexAjgfcedSiBd— 1964

— , MertBBional Bond

— Japan Fond Bond

— MaeapedBaid

— Property Bond

SJSEbaH S® l:d =

OX-2833593

CkieftMa

11 New Sheet, EC2M4TP.

Managed Growth —
Managed Incoroe

M796

High Income — — :
income & Growth-—
Ba*lcResoorc«__-

Far Eastern (rl ___
Cash

1

1IUZZ +11

+Lff —
KJSJC -HMC —
-

PHoEDt
Pen. Eq. Cap
Pea-
Pea-

Pcn.BJS.Aoc

Pen. OAF. Cap.

Pen.OA-F.Asc.

Hearts of Dak Benefit Society

129, (Ongswxy, London, WC2B6NF OL404IBB

EBSSSfcnzK JU|.-d =

H ec over^fandBcmd -5ca.9

Henderson AdrabdEtrarion
U Austin Friars, London, EC2.

PPPFundtCqiJ BA

VS-'.,

'Si?

” r.

CKy of westndwrtcr Asnanc*

Ashton House,

Milton Keynes,

^SSSUSS” “TW-

Weal

iaiSfeSr 0

Equhy Fund —
Famdand Fund
Money Fund
Gilt Fund

Fxd.IM.Acc. 1683

liriJPemFnLlaAcc..
bxnLAcc ,

tnd.Ptns.Mnl .Aoc. _l
Managed Fd. Acc — i
tadPensilaakFiLAcc..

Property Fd Acs pool

hdrasAHAUix..JC7J .. — . ... A

for Other FtAh wd £phai UXts rMg 01-7& 911L

Provincial Lift Assurance Co. Ud.

222, Bfehogsmte, EC2.

1005

1013

- 1433 +OX

fS^+oa

j peg im Find price July 6.

American (Cap.) — Q2L4 E?.7| .

Do. CAccwn.) 1M8 . 1

jSSEter:®!

nsjedJntemttCapl. 155.9
Do. (Acc wn J-— — . 177.9
o» rrs-i? KA
773

Mon. Fund I

Man. FunIC.

Man. Find Aec—

Man. Fd. Ink-,

Prop. FMd lnc._
ftop. F<L Cap — ..

Prnp.Ftf.Acr

Prop. Fd. In*..

Prop. Fd. ln»_

FhndlnLRLtac..

Fixed lot. FtLCap.

Fbed tm. FdL Ace.

FUtdlM.Ftf.knt

Dep.Fd.lne..

Oop. RLAcc.

Dtp. Fd Icil

UiC Esyuty Fd. Inc.

UK. Equity Fd. Cap-

UK. Equity FA AccJ^.4
UJC Fd. Mi_ 1 ' "

lot. Equity Fd. lac I

01-2476533 Jb. Bwity Fd. Cap—

InL Equity Fd. Acc. .

Ini. Eqirty Fd |ni_.„

Rd.HMk.nsi_

Ret. Piwi Cap. Pea_.

■ Man. Pen. Fd. Aot— .

“ Mm. Pen. Ftf. Cap....

_ GRt Pen. Fd.ABs.__

“ GRt Pen Ftf-Cim —

^op. Pen- Fd. Acc. —0(69

**1 ~ Prop. Pen. Fd. Cop IZ142

Guar. Pen. Fd. Act-Jl^.0

01-405 9EZ2

— J — Property.

Sm^ Prop. Units. [

Sot rwaUnk Find.

. Faad currently u ^ -

Uerfortn Uni's. — : I 2673

For Porion Mom plewe Myna
Series (2) Ptfces art (or pohdes hauedWter L__. —
Senes II) These are twlpKea hr tarter pohoes-

LU5

'*"* T

Clerical Medical Rbraged Fimsfc UL

15. St. James’s Sq-, SW1Y 4EQ. 01-9305474

Mixed Fund ——0106

Cash Fund_— .JM73

Prices July M. Uak dealings on

sssS’JSsu'sr

«T:«S:jlSg=Us? ,la _ IrJ =
g tM, 7 S

FTxttl l«ere«_-:.Ba9

Conftderattan Lite Insurance Co.

Sa Cloneery Laoe. 1MHAXHE. 01-2420282

EauityFund gBOD 29*71

Managed Fund --
PIP Fund—

Hffl Samuel Life Assure Ltd.
NlATwr, Addtaeombe Rd. Cray.

gs^sr— w m

mtenrataal Fiwd_ 1056

iS r

Income Fand. — U®-'

Managed Series C— . ’

!St%:

Money Series A —

Money Unto U&7

^SWpuSjir:

Indexed Sac, ,F± BA

gKSKiSfecP.

Pwirian Ftfnd Price*

. . i.

StaHguartf. _... _
Group Mngd. Pen.. — I
Fixed tot. Pen. — .

Egitty P— I * .

Property Pension—
IntemaUMial Pen.
Casa Pension

ContBMRW Lite iusarancc PLC _

64/70 High Sl, Croydon CW)9XM tQ.-680 5225

SSEiSSI&ea HH:=j =

Comhffi Insurance Co. Ltd.

32,CorohiS, E.C3.

tbSuRE:

t&S.S^FtfZ_.

Credit & Cwnmaret Co- (UIQ

CCI Hw, Hennage tone, EC3A5DG. D1-2S3 24LL
CCI Deposit Fnd ' -

"fisar

Imperial Ufe Ass. Co. of Can ada

Imperial Home, Gufldfard. . 71255

il :: 1 =

Secure Cap Ftf 1M1J — •

For^ri^tMtaxI Other Prlca ring BL-i

Prudential Pennons limited
Hottxm Ban, EQN2NH.

m

Fixed he. JW 14—

'S»6dX%=

Pro-Uak R dh ew t l _ .

aBSBI?=w m -i =

Befugt investments Limited

1030xfcrdSL, Ma nUwde r 061-2369*32

Gum. Pen. FA Cap.
lSr4.Pm.Ftf. Cap-,
■ tadev-LPmFtLAec.-]
SunflngFM— _
US. Dollar Fund.
Swlw Franc Fund,
Dvucch* MmVRb
Y mRnd

i Fond. I

m m

930
930

QUO

&

Traoshitematkmai Ufe Ins. Co. Lid.
55-57, High HoBxxrv WCXV60U. 01-8317481

1373
1251
1UL2
126i
U8.S
144.4 -rflj I —

1041 -+53

206.S| ....

Ml. —

299.J ....

Series 2 him. Fd

Series 2 Equity F±
Series 2 JPron. FdL ,
Series ZRxro(M.Fa..
Series 2 Money Ftf. _
Series 2 tVietoFU
TWlp Imest. Fd. _ ,
Tulip Managed Ftf. -
I Im. Ftf. In.!

137D

:BSS W~si-

'nnhridgr Writs. Kent.

gSfSSn=«;C:-

Prop Ftf. (2nd haiel.f

Mamoed

Royal Life Imuraace Ltd.

New Had Place. Liverpool L693HS 0512274422

Royal Shield Fd. CB&5 2SZA +L5| -

Hxjal LB* (iWt Lhkad A
HaagM Fsaxl— FM.9
EiaxtyFund r*3

Man. Pen. Ftf. Acc— P10.7 242R(
Trident Ufe Assurance Co. Ltd
London Road Gloucester.

Sfirrri

Property.

14449 +11
1441 +03 —
120.7 +61 -

IJOJ +2.4 —
+03 —

+41 —

255J +3/ —
1BU +2 1 _

_ ? 4 :u -

DrexM P i md u i Lambert

77. London Wad. Londwv EC2

WSMteMM Ohroroffied M

Wtadheswr.,,
WWchen e r UA.

Dreyfus, totcrcontinental Inv. Ftf.
PA Box H3m, Item. Batons*.

NAV July 13 RkS 28221 — J

Oman Unfit Inv. Mgt Ltd.

640

Eurobond Hokfiogs N.V.
Ptetemwai IS, WWemnad, Curacao.

:3 e

Londsn EC2

930

S Jo. Europe OMI gat i nn t S.A.

9, Avenue de la Uherte. Lnxentxwro

Elrap+ObBpationi^l *4203 1+023 140

— 4 — Eoratax Imrastments Ltd.

W5LVSSfcif >,,te

IndKLMrd —

Multiple Health and Life Asset. Co. Ltd.

HE

01-6265410 Properly Module s^

CCI Fiae^lPt, FmL —
CCI Mngd. Fad—
CCI Bte CMp F«L .
CCI lad. Fd
CCI High"

y. Mod. GBL Ser.

Blue Chip — — ~

Blue CiS Series 2—

©I

Global Series
Exempt (tes:

Fd-

i V
..) ' .

. > •

CCiPropw^Fd!

Crescent Ufe Assurance Co. LM.

14 New Bridge Street EC4W6AU 01-3S38W1
Maruccdfand.

Ma na ged Ini —

UKBW*y._-J—- nm9 W -

nro d 107.

Fw'im—

* - Pf'
_ *»

n-

. >-■ * a

Intcraiional,
BnserM*-

Higfa DotritebM

Capua!

C ro w n Life
Crown Ufa Hx„ WbUng GUZLVW
DHL Fd. Joan.—

Mfc

Property Fd. taBi—

SSSS.'ifc!

ETOUtyFlLtroi-

g^FdbMa.^-

iSTfitFiAea

inv.Td.Fd.ktfL—,

Imr. TsL Fd hutfiti—

Money Fd. to—

KKaiE

Inter “t. ftf. (nan—

Hrah Income Acc. — ,

High Income Inc

sssflsistH

+-+■ Mon «... 1

. 01-6295433 ■
„|£0652 BBJW+UW — ■

r Mwvt xam Ufe Assur. Co. Ltd.
SS^TJUhrodk », »Md fifl-asszu

Harvest Pm - IBM -
Lanflton’A Plan — |T78 225S+LM' —
Whp ISP) Man Fd |w.4 W2m +0^ —

LMl ft General (IWt Assw-) l*L

jflgggd House,

_ cmhirt t ol ~

_ JBW-!
Magee Managed.

MEL Pensions Ltd.

Wflitfr(^urt t Ooridng t Sl»Tey. (B06887766
NdexEa-Cap. —

Nelex Ght+F.1. Acc. -U
Nelrit same Cap— - 1
NaMx Cth Inc Acc — P
Uelex Managed Cap., t

Ndex Managed Acc..

Ndex DmoSlCap-
MetaDepoEhAcc..

FMex loLFicdlnL r-
Nriex MLFsIln.

Nd'ndStft§SA«l*R8

Nen aft day Jehr ZS

MW Pension* MueaBement Ltd.

48 GraxcHardi SL, EC3P 3HH. 016234200

MM > HlFH«l-_ r B»A_»9.0| .-J -
Priors Jbly 1- New otarflro Aagusl 2 ,

Nadjomd iS avhle wt I u*tl t n fl6n
4& GracechmhSv, EC3P3HH. 01-6234200.

11341+151 -

CCM ..

Income — k— -

locome Accun. — — U301
Capital QDJA

E m*-=

*12 m3

— & Malay - ESB

v, Pendon 173 9

ExdIM Pennon

Property Pension — 2086
Overseas Pemron — 9M

Money PensVxi IW-D

Managed Pension-... Btl

American Pendon— WD

Tokyo Pemion B6.4

Australian Pen ffl.1

B&3SM&-B

B.Soc Pendon- (2251 cm

Prices are tor iBe Series 4ta Uf

Series? Acc Jdy 13. Otfnr price on rrqjest.

Scottkh Amkadde IrtvMtments

P.O. Sox 25, CralyfartA Stir*®.

Eatf» D268 123 J3| +L2

Frxeo Interest OjaD

J1D0.7

~ Euroorx Inv. Fund (1084

Index Lfadcea Ftnd f

VMbngh Ufe Assurance
41-43 Maddox St, Ltfn. W1R9LA.
Managed Fd.

S5 1

01-4494923

PreftBL
.CashFd..

Vanbrugh Pcnthm* Limited
- , W1R9LA 014994923

Fixed Inwrot

!nd£c XwdGlh.

Gtaraweed _

97^

Jersey, CJ-

— American

Peaskn

iTTTl

UKapht-

0 %*rte« Eq.

S3

Far East —

808 p "

gmgS

fHed lnL_

lia2

Indexed 6*

Sm

048625003.
+L| 10-40

:S ix

+gms

tb las

^ -
+0-5 LAS

+01 ms
38i 4»
+U liuo

£iqpiltjr iDiitM

»

Dn-Acwm.

Ml-Mtiar

DO. ACQAIL —

MnagMinUal 1

baAcoen
property h mw — ■

EMrtyaSfii' Inh. —

Sen^Sty- iMt—

E»ntoS(*dH*L—

Dp. Attum.

exeffW IffB, filial -iijf
&0 ACCWIL — — i.. «4
ExeroM Mteri-

£ffi«=rES5

DO. Actum. — noa3

l eg al ft General Prop. Fd.'Mgra. LM-_

wetoria SL, EC4N 4TP, 01-848 967B

, ,c A July 1 .—Q262 3335) -4 —

s2hte Aug 1

Brad Price*

. IrtfUal .|

BSSitoiSf
^TBBSq

0 ie ’ 8s n^w=--®3

Fixed to. Initial— .—1!
Fixed Int——.— — t

“ htdexed GUt Initial — [94.4

“tar

Poverty—

indesLhiedGikk—

Managed——,.

ExeWEq.li*.

i\ra Brwffil — riMr _

Exempt Inotf. hut — tt.4

Do. Aeon — B8.9

Exempt- Prop- It*, — JJ.4

Do. ton

ExenptCashWt _.

Do. AcciinL — — — -

■ Exeat* Man. Inh—

Do. Acorn. — -*■—

Scottish Mutual Assurance Society
109 SL Vincent St. Glasgow 041-3486321

SSStsSkSl JMI— i =

■ Scottish WfakNn' Groop

PO Btw 90% ESttar# EHlbSBU 031-655 60Q0
twPol 1 Juhlh “ *"

Inw PttfZ JuvJA
Inv Cash July
Meed Fund.

EcuUy Fvnd_

Property Fund 102-3

Intensuonai Fund — 571
Fixed M. Fund 1152

Index StR- Ftf. «7

Cash Ftf. - -— -Bfe

p7,2

m

New Zatand Sth- Brft Inset. PLC
MaHtond House, Southend SSI 2JS 070263955

Etgxs&m

Pens.Pallitf.mto, 1ZL7
PenlraLStk-FtfOrd- 95.9
PeiE.CadtFd.CM.-
Pen*.Uroi.J
Do.SX.Fd.— .

Dtx Pro. Fo- JuN——

DO. Cadi Fd Jt* IXfej
ExlMt lnc.Juoe30.mi5
Ex. (Me toe JU9 7— @3.7

MM Kay htv. Plan
UKEquny

American —

SnA'

property.- — —

13L7

1ST 7

High Inc Equity.—u.
High loe fw fm, .

SrSvLInhed Gilt ••

«66^

Stab Lite Assurance Co. Ltd.

161-166 ReetSL, London EC4 2DV 0L-3536SU

MoHgedAcc — Q2g|

lSeriSiatoto—sSo
Pent. Managrd Acc— nxis

Base todft pta* Ptoie m

WMss r Life Ana. Co. Ltd.
ftwol Atom Hsl Sheet Su Windsor 68144

Investor Unto WO. 9 *" “ 1

Aomh. Pen. UeUs — rm.7

Flex. In*. Growth.— —

FuheoAotoGrowtfl-
Ret. Asstf Pen.—

OFFSHORE AND
OVERSEAS

Adm Irtva s tment

Ptto ach 70S. aooo L^H«^2fe9

Albany Fimd M an a g ement Limited
P.O. Bk 73, Stfkdler, Jersey. 0S34 73933

Atomy $ Fd. (C|) — —1* 15467 lCT^LB J Lffi

Mien Harvey ft Ross Inv. MgL (C.I.)

1 Charing Cron, SL Hefier. J»,C-1. 004-73741

flSBRSOCdV "Bsisas&i

Affiance IgtemaHonal BoOar Reserves

5S.^?JSS£^! ; fS ^Sfeaw.

Mwtoudon Jitfy is (OJ300351.I (13-7%)
Aitattemt Security (C-L) Ltd. (aXcXh)
P.O, B<w 420, 9 l Hefler, Jersey, 053476077

DdHar intone Tit —ltt.962 L 0021 +afal ll«5
East tod. AJnergy—p3S 1495) -03 ,0A5

GwISecsTTa— . JftJ 793 +l3 13JH

!M(y DMRngyHfc bated ea eatomec,
Starring Ftf. _____ Ud 14L2 ~4 «»
teollng oo Wednesday.

8.IJL Band lim di wn ti AG

ID, Bxsntxiraue CH63C0, Zi« SwRzerlani

Bearer SftL JUy 1900355 10,9001 4 —

Bank of America U Aer aM lo w al SJL -
35 Boitfenrd Ropd, Lwenhouro W-
Wkfavedlnmm# -j.IO07.il 1076a _--4 16-73

Price* aJtfrB.Nai mb July 14.
Barclays (AUcom (ntoraafioMf
1. Charing Crow, SLIWto.Jarvay. 0S3473741

wdSl

UiAndTHisu— .

Am.yah.Cum.PfJC*

MericMVah-CmA-
Austrotla (s3
Doflar Swing* TsL. ui.
Far

Inrcrtattarod fzl — _ i

Orient Fund (zl -

Pacific (zV
tfbrtddl.

Hllfl

Airariran toe- Ta is)

Gil Fund

RPricM a July

Fleming Japan Fuad SJL
37, rtW Notre- Dwne, Lwentoourg

ua

3-DO

-OJI —
-HUM 1(20
+00* Offl
+OSC o. n
riun -
+061 035
-012 i-%

Fleming JUftr 13-

42.99 | .,..J -

Frankfort Trust I nves tm en t— GmbH
Wlemau L 0*000 Frartdert
FT-lBtCRkB _HWB9R5

Free World Fuad Ud.

Butterfield Bldg. Hamflun, Bennutfa.

NAV March 31— | S14430 J , M ..J -

E. T. Mar ag e m ait (ILK.) Ltd.

Pwk HlfllS Roslwy Clicus.

Tel: 01-62B 8131 The 866100.

Loratm Agrats lor

l£9JX> 9.11s)
IftMtSW

+GJU

w

0444 — t

03-98

069

Hfflsati

G.T. Asia Ster

G.T. Aur.'-ik ,

G-T. Bond Fgnd-— . J
aT.DoterFtf.__l
G.T. Mr. tStrtoJTi;
aT. invta. FeL— _
aT., -

G.T.

C-T. meffic

aT.Arw Growth Ftf.

Gartman Invest. Ltd. Ldn. Jlgts.

2, St Mary Axe, London. ECL 01-2633531

taijiw Fate Maaagan (CJ.) LU. (a) M , ,

wsabsai^wimb

URL.

Japan Fd—

N. Amrricaar TsL__ t £

IML Bond Find. _[

Bwt wx w v Fund tenpu , (IOM) (a)

P.Q. Box32(hwglaii lileuf Mae TeL 06®* 29911
Garamrv IntL hx:^ — J18.6 x*g ?3 ““j

Gartnare tod. firth—

10J»

Antcumdocri GENERAL! S-pJL
PO. Bo* 130 St. Peter Purl. Guernsey, C.I.

GranriOe M an a g e m ent Undtad
PJl 50*73, & HeRer. Jwy. 053473953

Grateifle tov.T«L_.K6 12 fc*T|- 0 J^ 502

Nra rowing ear ter is.

Gohmen Mahon Int. Fund (Guemey)

PO Box 18& SL Pcm Port, Guarroey .0481 Z3506.

USS Price.-- BQB6J 19JS ....i a r ‘

£ Storing Eiaitoltnt M93 31J

S.O.R. Eiawhxdtro — 07 26 17.;

tens at July B. Nen QeaUna

Kambro Pacific Fund Mgmt. Ltd.

ZUO, Canroucrit Centre. Hong Kong

^ =

M acib ra* Fd. Mgr*. (C.I.) Ltd.

PJl B« 8b, Guernsey. 046126521

Capital RHoneFtft.miO 15_Uf 0.B

ai.Fwd .~K — - zrTn .. . 117

SpeciW StoTFute 2SL5 BAH.... 3JR

StoriaBtocome Fuad-. 105.7 llO 1360

DoHarlncnme FaML. W 967 LDlB ...... 1L50

Traits. Nat. 7>iat_—. SUkfl 0.9W L5Q

totn.8tnl W9TI 10*.9fl 10.06

InLEroaty 513-33 14.0S Lffi

i«.s5^a'5us— 6S

tot. Svg*. 'B - - S-C

Galleon Aw. Fund‘d R.C1

Galleon As*. Fund ' S mm

TEntooe* Mtfal durge on mall utfen.

Henderson Admin, ft Man. (Guernsey)

7 New 5L.SL Peter Port, Guernsey 0W126541I2
Arman tUSurxs).PO&D 1133 ..-.J —

s?f M t!a» eg

Henderum Baring Group

BOX. Ghwcestvr Tower, 11. Pedder Si s Hong Kona

29

Fund Man. Itency) Ltd.
S^lHSLHdtejJetar. 03342M4L

sssn£S“--ia j?

““KKtjar^SS Aim sr

Opdlter/HeinoM ChftW>W«i«»

31^5, Groduen SWW, EC2V 7ULJ BftWW

R8C Investment Managed UriM
PO ta 24ft St Ptortf Pu^Gmnw 0*0 JMS-
InL rncome Ftf— t

Ini. Capital Ftf E

North Atortca Ftf -.6

Rjurinco Managcn Ltd.

P.0. 8*. 1549, HntfUi BennatL C80M912-7979
RAMINCD July 5 BUS 9JH — J —

Richmond Life An. Ltd.
4 Hid Street, Dough*. U) M.

062*29914

Si

Coin Trod —

OtaiaoUBand.

Goto Bona 107.1

Managed Fmd— 1302

RetnmanOU Tnte... . 1776

Do.S 2707

Saptshire Trust 1616

5iwr Trust— 1506

Strrltog Dmu Btf - 150JB
UKGto Fund. pJSJi

aT .

MS*

15R5 mi.4

+d« -

as

^ 12.48
*LS -

Capital Ante Manager* Ltd.

Bermuda Hse. St. JuSaro Axe. St. Pew Part.
Guernsey C. 1 . 0*8126268

TfvrQxrrncy Tnot — J860 SUM — 4 L0«

Capital lntanatlonal Fund SJL

43 B c drwtf Royal. Luxentoourg

Cwtftal Int. Fund 1 J23J7 FMU9I —

3.47

01-2*83999

ass

Charterhouse Japhte Carancy Mngt Ltd.
Ctonai Hmu, Sl Hefler, Jersey. 053*74689
Oemtral Meh Cromcy Fund* Lid.

UUX)

Weekly dnlnp.

HM-Samud ft Co- (Guernsey) Ltd.

8 LeFetwiw St_ SL Pwer Port, Guermey, Cl.
GwemeyTiL EOT* 222J] +» 3-4

hBU Samuel Investment Mgmt tntnL

PO. Bm 63, Jersey. 053476029

UK Erntle* IC.I. Ftf)-p4ft3

sitrrs;"-.*!,

Brn 2622. Benw SwADWtotf

H.S. OvmMS Fd.

Bteawd iCSF Fundi
Far East iCrmtfMwi .

Tachnotogy i ITT Fdl .

HK Fond Managers (Jersey) Ltd.

Qurm Hwr, Don Rd, Sl HWIer. Cl. 053*71*60
HR GUI Fund Ltd. 1970 KM JUDO

IX. Trust Manager* Lid.

10, Si. Georges SL. Dotte**, W* 0624 25015

Inu Co™x>itele»Tn.|469 IWH 1 —

Next dealing toy June 7,

IGF Managem ent Services Inc*

Co Regtom, PO. Box 1044, Cromatt la, BWI.
hvernl. GoM Fund — IS* 5.81 *8J0| — 4 —

N.V. IntartKheer

P4L Box 32h. path. HoHand

EuroraldatOfferPer)) DFU74B |-027l 2-98

Intcmatlanal Bond Trust
2, Boulevard Royal, Luxeterorog
Clan A NAV July 19.1 BZ
Gass B NAV Jttfy 19 .| 31020

International Pacific Inv. Mgmt. Ltd.

P O. Box R257, 5ft Pht St, Sptoey, Aisl
J avelin Equity To. — ISA3J6 3^24 — 4 7.90

Investment Mrlsm, Inc.

FVu Imeniii tonal Plans Houston Texas.
FtoMitfc Imett. Ftf _l — ' — ■

UK Ages*: James Fmfciy Trt 0*1-20* 1321 or
Srernteig Thomas Ctarir Tet 01-2*7 8461.

Invfcta Investment Management
1 Charing Cron, SL KrflCr, Jersey. 053473741.
Gill Growth Fund -[0146 ^ ;;;; j ^

Rothschild Asset Management (C.L)

P O.Berx5a.SL JdlM Cu Guetreev. 048146741.
D.a America Ftf'_...B2.11 2M ...

O.C. Sm. Co. — lS 6 ICJj —

DC. Comwdhyt — 73.8 IU .

O.C. Dir. Conxtty.* 27 71 29.371 .-

□ C. Hong Kg. Fclrt-.h«S36ZJ 38.401
“MIX. iManrodaaal laaiti llafaf

7*8 M IMaUrl Un. __

HIM tsmgmoreS ,

47 905 It Sterling. I

<7805 Kwns Francs— I
. .DUMWAS 1

■Plea DO Jriy 7. Nod roifeng July 21

-d jrss^wnsS^i

Bet. Franc fFm.fl

CanadtonS

DMark

Dmm GuNTOr-
French Francs..

Save ft Prosper liitu mat iowte

Deal too to

P.O. Bb* 73. SL Heller, Jancy

bou uii riiw h Btf**t . WM9M
D»tr. F« tflm.r t — KJ*

St- F ixed t ni»o

V«rBontf«g; 0202

_ .. Growth Find— ,|9B 0

IroeroaU. Gr.t WOO

Far Eastern^ — — ..Hi**®
North American**.— .I».S9
Sepnr**.,

053*73583

ConxnmSWT £62

Gold Fund**** B&63

Mte kianmj ton ro lW

I/.S.S -.-(LOB

D Marin ...ham

i=rKS

t Sterling
Vea

1.000 -

W :..:1 Is 7

, 15 hn«fe hr dtetogu. Date dtelr

816

Hfl =

SL Deposit^

— Ate» taq^ly

Schrader MngL Service* (Jersey) Ltd. ■
P.O. Box 19ft Sl. Heller, Jersey. 0534 27361
Sterling Money Fd„..|Q2i02712£O2M....] -
Next Mtecnpino dtv July 2L

J. Henry Schrader Wags ft Co. Ltd.

12ft Cheapddr. EC2. 01- 588*000.

AKL In. Ttu June 30H07-44
Aslan Fd. Jury 19 — BSJK
Chemslro* Ju4r 16 . -ES

«

Schroder Unit Trait Mgn. let Ltd.

Box 273 SL peter Pori, Guermey. 048120750

MSSSs= m rSA IS

LErokto, n04_3

GiR Income Fund.

Jantne Fleming ft Co- Ltd.

46th Floor. Dnatft Centre, Hong Kong

Chnwton ConmtgdttlH (Isle of Man) Ltd.
29, Adnl Street Douglas. lo.NL 062421724

Canto. Winq IGEE uDM U207| — J ftOO

CornhBl Ira. (Gnenrsey) Lid.

P.O. Box 157, SL Peter Itort, Goenwqr
ImL Man. Ftf (217-0 2364 .—J —

Cortca Inter na tional
ZOb, Boulnwtf Royal, Luemtoorog.

Corona Iroid. ——(S7453 — |+4L39f —

Cra igmea nt rated InL Itagtv (Jersey)

P.O. Box 195, Si- Hefter. Jersey. 0S34Z7S61

““teJ 5KvtaS.-- 4IUO

DWS Deutsche fie*. F. Wertpapietsp
Grombwgweg lift 6000 Frankfurt
Invesa JDKSL09 3265I-HU5I —

Delta Group

P.D. Box 3002, Hasan, Bdteias
Petel w.jy» 13 R77 Z77I ZW
London Agents; ReeMort Beano. Tel: 01-623 8000

Deutscher Invastment-Ttast

tetfn 2685 B htoerys e 6-10 6000 Frankfurt

mst =

J. F. Japan To__,

Do. LAcmm.1 ...

J.F. Japan Small Co.
JJF.JapteTettrotogy.
J.F. EhnemTta... — i

Do. IAecuil) —

J. F. Px- Sea. line.)

Do-IAixutO

J.F. Intnl.TsL— —
Do. (AccurrO

J.F.SiA..

Do. (Accord

J.F.PM

JJF, Cur.ABOJtf.

Do. (Accun.) _

Uapwr & ftrcifle
AostrallaTtL

0.70

+121
+U -

+11S _

+a5 170

47U —
+04 LOO
4tL« —
*04 050

*04 ~
+LH 110

MO
i*04 10-80
+011 —
*014 5J0
*022

NAV JMy ». Next Heaton day ite 2ft
Laadan tone RML FMng.l Co- Tel: CU.-2S3 2400

Leopold Joseph ft Sons (Guernsey)
Wree( CL, Sl. Peter Part, Guratney. 0481-26648.
LJ. Surftog Fund— 105.20 15211 *0JD*l —

L J & S Oonroaqr Fhtel ^

Ttfepm M a g t i far bus price*.

Mefarwort Benun Group
2ft FenetwcbSL, EC3.

Guermey Inc |

Oo. Accun.

. Euntfxnd Fd —

B8.7 2.4

1266 139J
00.96 1124

01-623 BOCO

ZB. Far OteCGovyJ {00.40 I8ja.._.

K-B. GUt Fund — 1£98* TOM

KB. InL Bd. Ftf Inc -I 54L20
KB. Ire. Bd. Ftf Acc. | SU3JK
KB. Ind. Fund._

KB. Japan Fund — — , -

KB. Steri. Asset Fd. la*27_ l*2fl

016283200

§7^

J5

S19«

Sft«

5*3.19

Lid NAV Jane 3ft USSll.U.
LuL Curren yield 13d

mn Victory Hse, Sl Peter Port, Guernsey- 0481 2B034

- KSSSX-zrK SlzJM

- Emm ft Dadtey TsL MgL Jrsy. Ltd.
PJ). Bax 7ft SL ratter, Jersey. 053473933

E.DJ.C.T. 0.0*0 UUl J —

3 - The EngAch Association

tn- 588 7081
6£M j aw

saStewpffiM « E3 »

•Next draflng Ate ZL^Next deaing July 3ft

B iriUg e BTniQfiiarnf Htf
GremAe Hse, SL Hefler, Jersey, C.I. 053476007.

- |:d -

KB.UJ5.Gwth.Fd.-
Signet Benruda
Ttanodfandc Ftf 1

Korea International Trust
Fimd Man.: Korea Invert. Ttnrt Co Ltd. •
do Vktoj da Casta Utf Ktog Wltoani SOeeL
Lonekxt EC4. 01-6232494

NAV «m 68914ft I DR value USS9Z72J3.

The Korea Trust

Uachaa Investment Tract CoLW.

1J518, Yohfc-tfang, Vtangtfangpo-Kii, Seoul, Korea
NAV Jtte 16. (won lftffi.9) IUSS14J99)

Laacd Brother* ft Co. (Jersey) Ltd.

PA Box 108, Sl Hriier, Jersey, C.l. 053437361

--

LOO

14.40

14.40

5.0

14.00

11.70

1X0

Laz.Bro*. lnt.Cao._

Lte. Bros. InL Inc. —

Ul Bros. he. Acc —

Lac. Bros. InL Assets
Laz. Bros- Is. Asset..!

Lai. Bros. InL Aaet.J
Ur. Bros. Far East —

Capital Gwth Bud 5

Uoyds Bank (C.I.) U/T Mgn.

P.O. Box 19ft SL Hrillvr, Jersey. - 0534 27561

Lloyds Trust J ^

^^gyUfeFd

"pneeTarite'

Scrimgeoar Kemp-Gee Mngrat- Jersey
X Charing Cross Sl Haler, Jersey. 05347374X
SKG Capital Fund _ |UI93 174

SKG Incnne Furd.—WBJ
GUI Bead — (127-7

Sentry Assurance I ntam telomd Ltd.

PJ>. Box 177ft HantfHon ft Baraudtf
Managed Find P3.9422 4J364I 1 -

Signal Ufa AMwance Co- Ltd.

Ocm Heights, (toeenmm. Gtoraltar. TtemSML
Growth Strategics Fd._U2.92 2.931 ....J —

Stager ft Friedtander Ldn. Agents.

20, Canton Sl, EC4. 01-2489646

?ss^Ate &

Strategic Metal That Mngn. Ltd.

3 HHI Street. Douglas, IOM 062423914

Strategic Metal Tr._B0.925 94*4 — 4 -

StrongtooM M nu geme n t LJoritad

PJUtex 31ft SL Hefler. Jersey. 0534-71460
CMmxxfltyTnte (13230 13941 J -

Snriovest (Jersey) Ltd.
4.HMS^Dwgta*,McarMan 062423914
Copper Trust P2J0 12331*041 -

TSB That Funds (C-l.)

10 Wharf Sl, Sl Heller. Jenty /CD.

TSB GUt Find UtL_.mX

TSBGHlFd.Uw.IUd.pLO

TSB Jersey Find g-1 .

TSB Guernsey Fmd_b7Jaf _

Price* m Ju|y 14. Next tet.

Tokyo Pariffc HoMtags N.V.

Imtata ManagoneM Co. N.V, Curacao.

NAV per share -Mtfy 12. S7728.

Tokyo Pacific HUgs. (SohoariQ N.V.
totlmb ManagenM Co. N.V, Qoracao.

NAV per dare Jtte 12. 552.74,

TyndaB Groep

2 NewSt_ SL Haltar, Jrooey. 053437SHCI

TOFSLJulylS. im.®

CAccum. shares). — ^(C2OJ0
American Jidy 15 f

lZ2Ste

Next,

0727 33166
2244 —.4 -

Executive Ufa (C.LF- Managers Ltd.)
PJL Box 1063 Grand Cayman B.W.L
TmAlHc-Gntb. Fd-tSUAO — | — J —

F ft C MgmL Ltd. Inv. Advisen
X Larrence Paxrtney HM, EC4. 01-6234680
F&C Atbfltlc Ftf SA .1 S9J7 j — J L60

FAC Oriental Ftf J Sib. 96 J ..J LU

mcr Jk* Itf wte tfy r

Fidelity InternNUonaL
8 Housa teem SL. SL

Lloyds Bank International, Geneva
PJ>. Box 43ft 1211 Geneve 11 tSwltrertanD

tt&SSSiMMHrd

Lloyds Bank International, Ctaentsey
PJL Box 13ft Goemsey. Channel Island*.

Alexander Fluid 1 S1L40 I J —

Net asset value Am 2ft

Louis Dreyfus Commodity Food
era Truster, P.O. Bax 1092, Cayman (stand*.
July 1ft Valuation per unk S544L94

M ft G Group

Three Quays, Tower Hill EC3R6BQ. 01-6264588
Atlantic Ex. July 13-.IS5M 5

AurtraUw Ex. July 7 .E98

Gold Ex. Juto 14 r

(Actum. Uml_J

Istand —

(AccunlUttftS) —

Managrimrit Intenrotional Ltd.
BLafBemidaBldg, Bennxfa. 809295-4000
‘ 7 lxnnu _
1260

(Accun. mares) ;

Jersey Ftf Jute 14_.

(Non-J. Acc-tte.)

GDt Ftf July 14

(Accun. Share*)

M^tocOittjitel7!}&L6 "*
( AcQ-n Shares) . . j ML2
Interim!

P^c*.

tottnwkxul Equity -B«*

North
Do. Si

. Equity „

UK _

Do. _ _

Interred. Hwd 6*- -W<3

Do. S — 47*5

Sterinto Fixed l« WU

°W2L=Jg

eM%?B ^ USS:

Price* m July 16. Heat dealing JdyS.
Manufacturers Hanover Asset Mgt
PO Box 9ft St Peter Port. Guernsey- 040123961

IntemaM. M— g te — BN?

Do. $ flSOO

UKMoni ‘

Dp. S-

1-96

ID

US

M7

...J 1L44

I

Bank Tit Corp. (Jersey) Ud.
2B-34, HK SL. Sl HeAer, Jersey. 053436201

Mid. Drayton Gilt 1936

InL Bond. In. 07

sm. Fd. Inc.

PO Box 194, SL Heitor, Jersey. 0534 27441

MORES July 13- 159.02 MS — .4 UO

Samuel Montagu Ldn. Agents

114, Old Broad St, EC2. 01-5886464

AElTJuhrlb I

Juries! My la — 1

117 Group.' ‘ '

Murray, Johnstone (lav. Adviser)

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Ufa. Boulevard Royal, Upentoarog
WortfarkSf CUr Fd SMJ9 ,J*4UB| Lj-
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Urolndkatedrou

Price* are to p ■

those designated $ whn no prefix refer to tLS.
dot tan. Ytehh%Unm In lartcriiam) allow faraB

huying cxp « M*L ■ Offered price* Inetofe >0
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print, tf EnlmunL p Tottoy'* OMotog ariat
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price- 1 Guernsey arts*. « So
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** understand how the foreign exchange market works.

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-y reduce the cost of forward cover.

ic safeguard your company against fraud and misappropriation.

K identify and quantify exposure.

iz improve the quality of your exchange rate forecasting.

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FINANCIAL TIMES

Tuesday July 20 1982

Britaii's Finest

Trailers .

ctuamWm

FRUEHAUF

South Greea DeretouNcrfoR

BR spells out cost of Aslef strike

BY HAZEL DUFFY, TRANSPORT CORRESPONDENT

BRITISH RAIL will tell the the current financial year will before it will soften its hard ances through the EFL.

Government shortly that, after he at least £200 hi.

3£3T£si? B R T r c = m %fe p hr , ,“ r>^ sk'Isms

SSEASSSpUS

The EFL is the maximum p ™ d »?' J mS tf> no" trified Bedford-St Pancras line.

he at least £200m. Hoe on BR's finances.

The Government's response to At present it seems
BR's financial plight is most BR can expect is

It seems unlikely, however,
that the that rhe Government will sane-

Iraq claims
Iranian
invasion
driven back

THE LEX COLUMN

figure BR may receive from the poin,s in f,dditiori ,0 flex ‘ blc BR wlU le “ "? e Governm ^ nt BR had overshot its EFL for
Govemmernm ^ntsandToans [osterins-thc Issue at the that it wants the sanctioning 198283-already trimmed by
The strike cost BR -hmit heart of the Aslef dispute — of some of its in\estmeni plans. lbe Government to take account
£lQOm in losr revenue and rhe which wcrp 3 " reod ^tli its particularly electrification of oi t - ne of jhe six-week

■en reached with the MUR on ! Ely James Dorsey in Kuwait

e manning of rhe newly elec* j ^ six-day-old invasion of
ified Bedford-St Pancras line. j appears to have been
BR had overshot its EFL for brou<lhl l0 a standstill by

nrt »■ -I -I. . hv I .... 1 1

suspension of the Public Sen-ice !radp umDns last sunnier.
Obligation (PSO) grant paid by They include the removal c
the Government for the “social guards from freight trains an
railway " meant that ir was de- single manning nf engines an
primed of another £31 m. involve hoih Aslef and rh

BR says it is not yet possible National Union of Railwaymen.

trade unions last summer. the north-cast coast main line. j^slef dispute in -January and

They include the removal of so that the board can demon- February — by £20m before it

guards from freight trains and strate to the unions that it has went into the latest strike,

single manning nf engines and the Government’s backing on Loss of revenue from this

involve ho/h Aslef and rhe invest mem. strike and the loss of business

1982 83— already trimmed by , fienJe resistance . although heavy
ihe Government to lake account ■ fi «r b , ing i s s tiH reported in the
oi the cost oi the six-week b £ rder re gion north-east of

’lifting a price on
British Telecom

Institutions

interpreted as an attempt to

Diplomats remain unsure of open ed up their cheque-books Thrice rnce sto P the tnferest rate decline.

ie precise location oF the n»m- l0 buy a cbun k of British Tele- inaex r °be tu dwt.o Eq Ua ii y> going along with the

„ , . ■ I Uiv v V..'* ft V1IM-IITV Vk OUVUU *.

Loss of revenue from this j j n <, an d are sceptical of IraQfi com can p Ut them away 9 again

-j l-o )n k v nf hJJvinj»*< I _ » • _ l,..ia /intiAM file . . « . .

least for the .time being.

ed of another £31 m. Involve hoih Aslef and rhe jnvejstmcaii. strike and the loss of business claim t0 .have driven the | easl for ^ bein g

R MVS it is not vet possible National Union nf Railwaymen. BR would then be able to still to he quantified means that J Iran i a ns back across the border. Thc Government ’ vest erdav
ttimne the future effects of .Government pleasure over the determine the time ar wmeo it BR has no altername bur to ] jyj f Taha Yassin Ramadhan, arinounced th at lbe sa j e 0 'f

Strike in terms of passenger defeat of Aslef «n flexible could go ahead on eiectnfica- ask the Government to take a | First Deputy prime Minister tof shares j n this recently demoted

freight business which will rostering is tempered by us tion. a project which would fall more lenient new of ire i Traq claimed yesterday that a .. natural .. monopo i y ' WO uld not

to estimate the future effects of
the strike in terms of passenger
and freight business which will

il tlliun- ---- . .I-. 1 IK. VIUWUIUWUI YC51C1 Ud V

Mr Taha Yassin announced that the sale of

First Deputy Prune Ministe shares in this recently demoted

desert rhe railways, hut ir is desire to see substantial pro- outside the Government's strict finances for ihp remainder of j maj o r battle had been fougbt on
Clear that BR's overall loss in gress on these other points control over the railways' fin- the year. Sunday and that 3.400 Iranians

m • r . a I 9HA1 C9 UtU A wLCUUV UGlUlflCU

Iraq, claimed yesterday tna I .. natura j •• monopoly would not

Tribunal may be asked for freeze on pay

major battle nao be attempted before a general

Sunday and thai election. A White Paper is to

had died in the past « ^ ou ”- be issued, over which there Is

He did . p^ceot ’likely to be intensive lobbying

fighting had taken place except ^ jJself compe ti-

rhat it was near Basra, iraqs M

that it was near
second largest city.

tors and unions, so its unlikely-
to emerge in its final form

BY PHILIP BASSETT, LABOUR CORRESPONDENT

V .jLn- Aocm-iHpd the to emerge in its nnai lonn
Mr Ramadban ^jicide ■■ before this time next year. The

Iranian invasion a pirlip«t rlatp fnr finlaHnn wnuM

BRITISH RAIL is likely to call MUR went on strike,
on rhe industry's forthcoming The outstanding pr

arbitration tribunal on pay to improvements involve mainly
make no wage award for thc manning on thc Bedford-St
railways' 1B7.00Q workers until Pancras line and the elimina-
BR has secured agreement in lion of second drivers and
a ballot to productivity im- freight train guards,
provements outstanding since In making its case to the

JR went on strike. finance and general purposes Transport Workers, and Mr J and said Ir MI> . ‘“SJ therefore be in

The outstanding productivity rommiitee, in getting the strike Clive Jenkins, of the white ! well prepared ior me fh _ s j, ow?ver it j

called off. collar union ASTMS. were asso-

John Lloyd. Labour Editor, ciated with the decision at the
writes: Mr Len Murray. TUC weekend.

general secretary-, yesterday Mr Arthur ScargilL the Mine-

forces were earliest date for flotation would
r the next therefore be in 1984. Before.

this, however, it is possible that
indents taken a " Buzby Bond " may be used
miioc east to test public reaction to BT

Equally, going along with ihe
market only encourages the
market to so further. Stability
is almost impossible 10 achieve
—which is not to suggest ihat
it is necessarily what the auth-
orities want. Behind the London
market's hectic advance is the
perception. True or false, that
the British Government is
determined to push interest
rates down as far as tiiev will
go without damaging sterling,
which was incidentally very
strong yesterday.' This sort nf
approach would be bound tn
end in tears, as sterling would,
indeed give way eventually.

The traditional way of

collar union ASTMS. were asso- ; Iranian offensive. a ■■ Buzby Bond” may be used | 1981 j . ... .

ciated with the decision at the Western correspondents tak public reaction to BT J h - e * ra<1,t,n °? 1 . v,ai '.

weekend. to a -battlefield three miles east loi^pw^eamonwa^ ovex . manned _ possibly by as aiming the markets down is to

Mr Arthur ScargiiL the Mine- of th_e Shatt al- Arab waterway g*** bon ^fJ r it _ own much as 25 per cent-^and push-. - l __ a _.„ Jaree

a ballot to productivity im- freight train guards. nioumet

provements outstanding since In making its case tn the the TU

last vear's II per cent pay deal. RSNT BR will stress the ending
* . „ , ^ ^ financial damage to the industry denying

BR is confident that it will inflicted bv the Aslef strikes, reports

denying some newspaper sioii to call off the strike •* in j appeared to have scored
reports that the committee had view of the utter failure of the j major victory. •’

piffling sums of money.

ing up productivity could be a in<bscstible tap stock. In the
painful - process. Nevertheless; absence of any such offering
traffic is growing and it is likely from ^t^ asury ' Australia
that the regulatory- framework w as raising 28-year money In
will allow BT to keep profits the domestic sterling markets

succeed in the move following jj, P RSNT were 10 accept the been split over the issue, with TX'C to support the union's An Iraqi colonel daimed that There are, anyway, a series moving roughly in line with yesterday with a £100m issue
its victories over pay and pro- Ille3 of making n0 award until left-wingers supporting -Aslef. fight against the BR board and there were no remaining Iranian of little, and not so little local ijjQation yielding a point more than

ductirity m disputes with both productivity is resolved. BR he said: "There was no other the Tory Government. positions inside Iraq. The difficulties that need to be The ambitious capital pro- -comparable gilt-edged stock,

the National Union of Railway- ma y well return to the tribunal way available." "This failure to carry out correspondents were’ told that a cleared up before stock can be gramme means that- future cash differential reflects the

men and the Associated Society later on pay. Left-wing union leaders will basic trade union soli da riiy will force of 100.000 Iranians had issued to the investing public, calls nn investors will be heavy. more marketable mature and

of Locomotive Engineers and R a jj services returned quickly launch an assault on members only serve to weaken the trade been driven off and the bodies The Government will have to jb'e U.S. telephone utilities nKJre favourable tax treatment

Firemen. . 10 normal yesterday foliowioz of the TUC's finance and general union movement at a time when of 1.000 men removed from the decide what to do about a pen- vielrf about Tfl nor rent. 1 Kite. ' sUis as well as a premium

The NUR earlier this month uie ena
called off its strike after one ni S fu on
day. Aslef abandoned its action Slan

dav. Aslef abandoned its'action Sla n in the morning BR general council meeting next

ar' the weekend after pressure snorted that by midday, week.

from the TUC. which effectively ™ n "S* a iJ , A°! , 1 t B er r .S*

eneral council meeting next political and economic attacks pondents were shown what were precedent it may meet the a dividend of perhaps £300m, reestablished in the sterling

■eek. on our standards oflife." said to be S00 prisoners of war deficiency as a parting gift. At comfortably covered by CCA ?° nd “arket is shown hv the

Mr Ken Cameron, general

suonorted BR over flexible 98 per cenI - 0r aboul normaL figures in The Ubour Party. secre , arv „ f ^ Brigades Intense artiUery barrage

supported BR flexible The - trade union 1 backlash believe the decision grarely % TUC tfK5 could be heard in the distance.

said to be S00 prisoners of war deficiency as a parting gift. At comfortably covered by CCA ?° nd maT, ket is shown bv the
captured during the invasion. the same time BT's accounts earnings implying a capitalist- 19 P er cent F ield on Mexlcan
Intense artiUery barrages need to be throughly debugged. ti on for' the whole concern of Pa , P er -

r0Stering - against the settlement is grow- weakens the TUC in its fight SS-TSS?

BR will make nn pay offer j ns . a number of .Aslef against the Employment Bill. }j a ^e continued to support Aslef.

ahead of rhe hearing of the branches are passing resolutions and that it marks a historic . y e .. S* 1 - ,n

Railway Staffs’ National Tri- seeking the union’s disaffiliation defeat for the unions. *u er3, » ll ^I e a ! 1 ern P'oy er

bunaJ. chaired by Lord from the TUC. although these It is not clear, however, how threatens the sack then its a

chaired

Lord from the TUC. although these

could be heard in the distance. The last set were riddled with between £5bn and £6bn.

Iran claimed its forces had auditor's qualifications concern-
beaten off another Iraqi counter- ing, among other topics, the Markets '
attack and were continuing to true value of the assets, the

consolidate their positions distribution of profits over a Last week’s seasonal bu

McCarthy The 5 per cent from seem unlikely to be acted upon, far a revolt could go. since a sad da -'-
September originally offered by The rails follow ihe crucial number of left-wingers, includ- Bitterns
BR was withdrawn when the intervention of the TUC's ing Mr Moss Evans of the w

consolidate their
inside the border.

; tween £5bn and £6bn. The development of sterling

bond issues is no doubt very
farkets ’ gratifying to the authorities. But

the aim of persuading British
Last week’s seasonal bulge in companies to borrow .. in the

two-year period and the flow of the U.S.- money supply was very capital markets has not yet

Bitterness as drivers resume
working. Page 9

Schmidt and
Colombo to
see Shultz

British Steel aiming for trading
profit of £79m, directors reveal

A military communique funds. The forthcoming pro- much on the slim side, and the been achieved, although the
reported by Tehran radio posals on how the country is London markets, additionally first quarter net borrowing
claimed 500 Iraqis had been to be cabled are critical, as buoyed by the sight of the requirement of industrial and
killed or wounded-and 18 tanks may be the stance adopted by white flag fluttering over Aslef commercial companies, stretch-
destroyed during the latest the political opposition on House, were assured of. a splen- ing to £3Jbn. is -a reminder of

fighting.

The radio also reported that

renationalisation.

Quite apart from such factors,

did day yesterday. Gilt-edged the need. The Bank yesterday
showed rises of 1{ points among issued a notice requiring that

Iraqi aircraft had bombed the bt w ni be a difficult animal to issues, and . equities its consent should be sought for

towns of Khorramabad and Ham price. Tt ranks as a utilitv in a followed, with the FT 3fcShare all sterling eurobond issues,
from high altitude. It said growth market. There are few Index “P- nearly 13 points, its Although it is not instituting a
scores of civilinns were killed utilities quoted in the UK and performance for two fonnal queue, it reserves the

or injured.

comparison with those that are months.

right to refuse consent if. for

M ’ w '* r BY IAN RODGER Air raid sirens also sounded mav be misleading. In partial- The markets are now in a example, the flow of eurosterling

By John Wyles in Bnwsel* during tile day in Tehran. ]ar‘ BT does not deserve the decidedly excitable state. There bonds threatens to crowd out

rTTATvrFTT/jR Helmut BRITISH STEEL aims to make West Germany between 1&77 customer destocking. Diplomats in Kuwait said that same rating as Cable and Wire- were typical bull-market accu- domestic issuers.

Szjh",, Gerroanv and a trading profit of £.9m in the and 1981 and 50 per cent at "The most recent assess- in spite of the lack of informa- less— which is now on a pros- sations yesterday that , the The notice also covers deep

SfJpmilin rolnmbo the Italian year. to March 31. 1983. its first BSC, aitfievgh from a lower, ment of the UK economy and tion about the course of the pective yield of 4 per cent. Government Broker had been, discount and indexed issues.

Minister are making profit before in^rest charges base. steel-using industries in 1982- invasion, the Iranians appeared C and W's markets demonstrate supplying the jobbers with what which must take their place in

during tile day in Tehran. lar‘ BT does nol° deserve the decidedly excitable state. There bonds threatens to crowd out
toraer destocking. Diplomats in Kuwait said that same rating as Cable and Wire- were typical bull-market accu- domestic issuers.

The most recent assess- in spite of the lack of informa- less— which is now on a pros- sations yesterday that . the The notice also covers deep

Fnrei-ni Minister are making ueiure vnirge!, u dsu. si eei-using industries m 198: ..

fpnarate visit* to Washington - ,n s,x >' ears aQ , d a dramatic BSC - s plan aims t0 maintain 83 is marginally more favour- to have encountered stiffer higher growth and yiore free- was left of his six £100m the Government Broker’s queue,

tndav for talks with Mr George ^Prevement on last years loss the corporation’s capacity, bur able than the plan forecasts." opposition than they expected, dom from control, while the tranches of stock anything up These sectors are to be reserved

chufer the new U-S. Secretary °F £242m. the directors point out that the directors say. "although President Saddam Hussein of company is diversifying success- to half a point too cheap. Then for companies — again, to pro-
of State in a bid to defuse the This target forms part of the " failure to achieve competitive the recent downturn in order Iraq has evidently had some fully into non-tariff businesses, f he Bank of .England kept the vent crowding-out by sovereign

conflicts' dividing the U.S. and corporation’s revised corporaie costs could result in the closure intake is causing some concern success in boosting the morale BT has yet to prove it is temperature up by lowering its or public sector borrowers. For

the EEC plan for nest Th ree years, of one or more of the integrated for prospects in the immediate of his troops after their able to open up new markets longer bill dealing rates in the the moment, though, this point

Their efforts follow the J submitted to the Government steelmaking sites or individual future." disastrous collapse at Kborraro- in a competitive environment . late ■ morning, which ■ imme- seems academic. The Inland

failure of talks in Washington | in March. The plan also fore- businesses within the corpora- The report also provides a sbahr in May. while rivals will be nibbling diately provoked anticipation of Revenue’s " clarification ” of the

BSC's plan aims to maintain 83 is marginally more favour-
the corporation’s capacity, bur able than the plan forecasts."
the directors point out that Me directors say. "although

to have encountered stiffer
opposition than they expected.

at the end of last week to \ casts interest charges this year tion.

few details of the forecasts for The ’? ck Iranian military I at some of the more profitable ' further cuts.

while rivals will be nibbling diately provoked anticipation of Revenue's " clarification " of the

resolve the row- over EEC ; °f £S4ra which would leave a B SC must also maintain its the subsequent two years of the c ° rnnlu J J ^esisfurther evidence I and faster growing areas of

steel exports to the U.S. After pre-tax lo S) = or £5m compared 50 per c<?nt shar e of the UK plan. The trend of sreel demand M* 18 * the fighting is not going
hearing a report of the nego- [ with a loss nf in 1981-82. steel market and continue to in the non-communist world is w , * or Ir j* n -

further cuts. * ■ ■ - tax treatment of deep discount

For the Bank to leave its bonds leaves this infant market
rates unchanged, in conditions, still-born — if perfectly sym-

tiation« from two European ; Details of the plan have been seek more rewarding export nor expected to improve on
Commission vice-presidents, i publisher m the annual report opportunities, the report says. that experienced since 1974 — . , . . _

Herr Wilhelm Haferkemp and hy BSC directors to their The revised nlan takes a bnm 1 per cent growth per I ^ battlefield last week instead

Viscount Etienne Daviqnon. . employees. The report points account of the difficulties an-in^ year in the industrial countries ; returning them to their home

Community foreign ministers j nut that the profii tarset was f rn m the anti-dumpin’:’ and and "* P er cenl in the develop- for ™ arr ^ TS Funerals, as

were said yesterday to be j developed from plan* submitted countervailing dutv su«t< fiied ;n ^ ^untries. 1 had been the nortnal practice,

gloomy about the outlook. by operating division*, and hy U.S. steel producers against The next peak vear is cvper- , S,il°in «™ l l. e . f ' P * B f, 4

The'- will discuss ihe sixua- ■ stresses: “The management of European steel companies. ted to he 1984 wh«n den^nd Ship premiums to

It was a:lso pointed out chat
the Iranians left their dead on '

business. Furthermore, by rates unchanged, in conditions, still-born
international standards, BT is like yesterday’s could have been metrical.

tion in more detail today and | each business is committed lo
may give the European Com- iheir achievement ".
mission the green light to op»»n Thp s ,| Crt . ss r , r thp plan
a new front again-i the V-. ■l | ?D n nri« nn imornv*>mpnrs ir»

and 4 per cent in the develop- ^ or Funerals, as

!;“h m- countries. had t*™ the normal practice,

if.. thb no ,t ,. a , •- « Jordan’s lifeline for Iraq, Page 4

.•T h i I S t iSS k y U '1 CX_p - r ; 1 Ship insurance premiums to
■ ed to he 1984. when demand | rise, pa-c 8

has i* estimated ar 50m tonnes j

stresses: ' The management of European si eel companies. sed to he 1984. when demand

each business is committed lo Bui the corporation has is estimated ar 50m tonnes '
1 heir achievement . nevertheless included :n ?*• * hove rhe current level nfa bout !

The sucres* of »ho plan 1982-83 budgei a contingency 460m tnnnes a year,
depend* nn improvements in ‘torn nf £75m for “ r. -rmal «‘>ver tnjj period, developing !
productivity, npnratin? stand- business fluctuations." - ?uniries were forocayi to |

ards and energy ';on>cr\'3tion It ’b's entire amount turn; :n< rease capacity' by aboui 30m '■

in. ihe Genera] Agreement "n productivity, nporating siand- buxines? fluctuations." 'ountries were forccayi to

Tariffs and Trade. Although ards and energy con>crv3Jion Ii *his entire amount *'jro £ im rease capacitv bv aboui 30m

the Commission has noi final !v pJlJ .. reductions in working out 10 be needed, the company? -nnnoi. feu: this :*'ltkelv rn he

: decided, it may well sent: ’ ejctigl. tmal pre-sar; lo-s would ~-e *0 offset hv closure s in established

authorisation from GATT to- The directors say the corpora-
take . retaliatory measure-, firm's operating cosis iasr year At i [m p plan
against imports from The : ^nmunied to more sSian £239 per pared. BSC was • irr.-s
U.S. benefiting from ihe so- lornr n f ^t«e! produced, com- i.'K v?ec| rr-n-ump'iur.
called disc system — a sy*iem_of pa rod with iu^i under £200 in 1983 «vou| f | h» 12 aorr'
rax concessions for U.S. Y.'esi Germany Estimates of mnnev <l:sr.rly highe-
exporters. . productivjiy nidicato ih;«i ihe year, but deiiverl-s 1

The Community secured a number of ton 1:0* produced per marginal [v lov-^r :hon
niJing from GATT nearly ?. • man .’ear rose 20 per com. in -onno? ln

decade aso that this amounted . -

to a form of subsidy _ .. . , _ _

Both Chaneellor Schmidt, a LyOntinUGQ Il’Oni Pag0 1
rloss friend of Mr Shuli.T. and _

Sig Colombo are expected ro i i-Cirtj 1^ | pfpOOm

raise the hrnarf range of cur-. lUoXI iUvWlU

rent EEC-U.S. tensions when

thev see Mr Shulti over fhe T 'he lndu-<fr.- Depart- nffenng so-cauM

.tirel-making countries.

the lime 1 iic- plan - .v«s c-r^- In the I’K. a rem very in rhe England.

UK TODAY

CLOUDY with sunny periods.
Midlands. S. and Central N.

ion

nffenng so-calied

next two days.

ment. vould repla'g ihe «iani- honds " m private irvernrs Bj:

!-a- economy and the *teel-usin2f
•■hr’iuld lead in im-
I-.ot. nrt'verr.cnis m con-ump'ion and
• i-\ last '’t k levels. Stoe! demand in
:i ~ :9S4 could P-ach 13m tonne-.

-.6n: '■til! well h^l.iw the 1979 figure
e nf oi nearly 20m mnre<.

■ Continued from Page 1

UK mav
seek deal
with U.S.

rrunity’s export subsidies tor
agriculrura] product* are doing
untold damage to relations with
the Ten.

According to the Commis-
sioner*’ accnunr nf th»> steel
negotiations with Mr Malcolm
Baldridge, the U.S. Secretary
for Commerce, an agreement
remain? out of reach tor three
reasons

# The range of products to he
covered hy EEC export limits
are snll in dispute. In Washing- .

licence? 'o mher toletammani-

i-.'iiion> *upD'icr*.

<i LcgWstivo -a fe guard.- tor
BT’« existing pension obligations

might be prc-emptec by ■he *3!-?
of shares in BT.

Mr -tonkin =airf

and special provisions for the Paper took >rv.o ace-o-n*.

purchase of BT sharci by its views ot ’r.c i J n : -
employee?. Engineering Union, wh:

O Reform ^f the Telegraph been enn-uitod :n ad-.ar.
Acts governing the laying of the union accused :r.e 1
public telecommunications men! of "giving away
'V*iems. Some nf the Acts date of pounds worth o:
back tn ih« Iasi cemury. asset*, probably kr.oc

Mr .fenkin 2 aid the i.invern- price**, to speculator*,
ment was «rl! contidermr plan* average nrivr.t-' cu*te?n=:

view? of rj-.e Pn : -
Engineering Union.

Commerce Secretory. No date •
hi.* been set for a further '

mating. . !; r r„y

me l. ,S. Government i* due
by a ususi 24 :o make a final

."T’~ dt‘. emu n3".:»n on -.vhethe;- the b
had cnun’ervailing dune? remain
But : n place, which. :n pan explains
G-yer-.- :-e de?;re of bmh ihe UK ! a-.j-"n
bii’.inn? '’ioverncieni and the Commis- 3--s-ci

Rather cloudy al first, sunny
periods developing. Max 24C
<7oFl.

Wales, \. Ireland, S. Scotland
and .V England
Dry. sunny periods. Max 22C
172 Ft.

N. Scotland

Cloudy, a little rain or drizzle.
Max i7C i«JF).

Outlook: Mostly dry. perhaps
rhundery showers in south.

WORLDWIDE

Vie* Y <Jiy

mildav

-C 'r . C -5

A l«=- C > Si t An>i ! F 17 tj
C 19 Si Lurmbq F 23 73

tT-t-ri. F II To Lenar __

5 11 K Mjdr-d f 30 a?

3 — — Mlnrcj c 29 Si

B’rzr/. c g; 7? S Z7 SI

B « — — . M«ir» 5 23 32

5 '9 ff i; chsrr P 20 68

Si'-i-s S 33 si 3 ip

5 y 75;M- Clf ~ _

B v: ■: - Zi 31 • M.am.I = g3 K

C 22 63’M.‘a" F 29 Si

S f9 6.5 Morxir* t C 23 73

Bo-tf- 3 29 Hi.Mcscouw F 27 81

a-„Mn t 22 72 Mm- ch c 19 &5

8 r s'ci S 23 73 : Mo. rob; F U n

ton. the Commission added wire - * or *° raise up ’n £ 1 59m by
rods and carbon bars ro I tie ' ‘

five products it was willing 10 Continued from Page 1

control. The U.S. still preyed .

• The quantities 10 " be exported Health workers action

he ihe EEC are in coniemion. .

The Commission continue.- 10 ^ 2 cc.r>equence of me

enver .ns a cor>equence of Ihe

argue tor a 6.7 per urn share i di-puti.

r.isv-vnere.

'he rule 4 of ihe European Coal ; coiogna t
i* 1.J Si ee| roinmnmiy. esiah- i s

li-hed un.-’er e differenr treaty ■ i

from :hai -^citing up ihe EEC. • Ouo. -> p
T r.« i ;om mission, unable t»> ' ?!'„ r ^ r . k i 5
"•’-'■'.jito :«n asreemen: for the _ *'■ 5

■'■.g;n: ir::Ty ,-t whole, mav

CaioQifs f 24 16 Osio
Cp-H-n S 19 68 Pi"*

The Dcpsrimer.l ?5«;d that. ir. h. en ' ver. pitch;. ' vi;
W.-kcfield. four hu-pnai* h^d jroatly from h.vp.’.-i
suffered n til -toppages by all lui-p.iai. -he Dcr.srtmcn - , -.i

of the U.S. marker, bui ihe U.S. ,n '' ttepanmcr.i w:d rna.. 1..
wants a ceilinp of -7.2 per i-eni. l*«"kefield. four h«i*pitol« h^d
P Both tides are looking ai a suffered mwl -toppages by all
fhree-year erepnri Imui.itinn but _ _ m m

Appeal for war victims

will not flip any more ar.l;- *

Jumping complainis arain.«r TliOUSANDS of locals ail over

reri.tomly aoiuicrcc in j-olw . H”*'” 1 "

h >- t-K. • n-oZ:

r.’.p -uc-n ac’toii wuulij break :■

' iragih' unity ,-f th* EEC on ;

D !?— yr; .'n'frK- •
lt.'c t-cph :it >iuke . »

’ n p I’/Togtivcly j <

:-u- EF 1 ' h-.- nicking mu i
to 1 : Br;i;-n. French. Italian and icr^ '.'o-ji

Scto'.an npnlirtf. -he imp*'- - :r '**r
,r * iU'IP-'. Ton J; 3; . [Vi,-

r,.reg ■n«rnr factor in tiie l-.-t*

nC’-.T.rt.-ntiM.i ,r. nr r PC'* 111 toO'-O

.r^nto,; of l.'.S.-rEC :rade
reziiici.on-.

EEC steel during fha’ period. : Britain ore joining i.is
The U.S. argues th.ir it can nor : pub cnll-ctinn for ihe Gotern-
promise that jt« citizens will merit'.* Snuih
not resort 10 rhe law nf ibr land The aim 1 - m
for protection — in tins ca.-e the : help for ihe vicii
anti-dumping legiifation. depcnriantF. of if

ment'.* Pnuih Atlantic Fund. ;• -1 I '

The aim i- :n provide rrtra s areniins* *• ? toer ’re

help for the victims, and their "■•iiional Girobank or Barclays

the Falkland*.

Pub lueRsee- v-til
money ceii p cled d s r?c
fund's agcmin<« *' e

dependaniF. of the fi?htins in Bank.

Js M P'jr'h - :7 6J

lo £1 PrJ^ul* C 19 M

■I *: K/Kjvk C 9 48

71 s; S 27 81

r* TV R.o Jot — —
Z‘ 11 Rom*; ’ :?

— — Slljfr; C 22 72

7J 11 5c s=5t C 12 55

c 22 73 S,r tic* C 30 06

5 25 *. .5 t -*eo? — —

5 22 ~2 ' 25 77

S 1.1 AA Slrflvhq j 24 75

2i 77 j /'iney C 1 0 5*1
C 55 « F J3 TJ

- 23 72 T«*i Aw 5 2S 32

S 23 72 T?i»*:rile 5 2a 77

5 12 £3 to i C 25 7?

3 25 73 v r o , 0 t C 22 72

? 2? 77 T«r..i S 23 91

.•> 1" 62 «tii»-*.c . ) - 20 85

Extracts from the Statement by the
Chairman, Sir Monty Finniston,FRS.

"It has been a year of significant
progress for Anderson Strathclyde. ”
Turnover reached £1 00 million,
pre-tax profits moved forward by .
76% to £1 1 .2 million and net
borrowings, which stood at £6.3
million atthe beginning of the year, .
were eliminated by the cashflow ..
generated."

"We have been operating from a . ' -
slimmer and stronger manufacturing -
base. The action taken over a number
of years to introduce new technology
and to improve efficiency and ■
productivity have helped us to "

contain hosts arid to achieve a higher
level of profit' .

"It has been recognised for some
time that expansion of the market for
underground coal mining machinery
is taking place overseas. We have
built up ourfaciKties in USA,

Australia and South Africa, all of
which are main markets.”

confirm our confidence in the
futuregrowtii and expansion
prospects of Anderson Strathclyde as
.an independent company."

^2!2!S in . 0,c,w -'' Anderson AA
i helped us to Strathclyde pic

■Anderson House, 47 Broad Street, Glasgow 640 ?Qy f -

ten - : -

c— Cc •••<;.•

25 rt Wars 4t v C. 22 77

yy ss gnr.TH : ;} s

ff — Fan R— R, n S — oiimv

N ir GMT rsmoerat jrcs

" R?prcdnc.iion ol ibs contents of this news raoer
Pe9<Sfcfpd ot ib» Fnat OHu. Primed : by 5
Bracken Home. Cannon sireai. London. r £C4P <

wrapaoer m my t* wM wUhoiff poor consent oltha nuhr.she.,”

A v . f *“ <wbiwnetf_-tjy m,- F, fla „e, a i Times Ltrf.,

. ew r V 1 O. The Fmt final Times Ltd., 1931

ck )> I

'.iSC-.